Tata Chemicals bails from Grown Energy Zambeze for $5.5 million

In Mozambique, Tata Chemicals is divesting its entire 95% stake in Grown Energy Zambeze Mauritius, the holding company for Grown Energy Zambeze’s biofuel, solar and wind energy assets in Mozambique, for $5.5 million to one of the founding members who jointly owns the remaining 5% of the company’s shares. The payment will be deferred over five years ending on December 31, 2020. Tata acquired the company for $1.1 million back in 2010 and a year later began a $15 million investment in the sugarcane ethanol project.