Fertilizer firm Yara International says: Yara acquires Tata Chemicals' urea business in India for USD 400 million on a debt and cash free basis, including normalized net working capital . Includes Babrala urea plant and distribution business in Uttar Pradesh . The plant has an annual production of 0.7 million tonnes ammonia and 1.2 million tonnes urea, and generated revenues and EBITDA of respectively USD 350 million and USD 35 million in the financial year ended 31 March 2016 . The plant was commissioned in 1994, and is the most energy efficient plant in India, with energy efficiency on a par with Yara's best plants . The agreement will be subject to regulatory approvals and sanctioning by the relevant courts in India, a process which is expected to take 9-12 months after which closing of the transaction can take place . Acquisition represents another significant step in growth strategy, creating an integrated position in the world's second-largest fertilizer market .Yara has operated in India since the 1990s, focusing in recent years on premium product sales in the West and South of the country.