Page 217 - Tata_Chemicals_yearly-reports-2017-18

8. (a) Investments in joint ventures

The Group’s interest in joint ventures are accounted for using the equity method in the consolidated financial statements.

Following are details of investments in Joint ventures:

Particulars Country of Percentage of
Incorporation ownership Interest
Indo Maroc Phosphore S.A. (‘IMACID’) Morocco 33.33%

Natronx Technologies LLC United States of America 33.30%
JOil (S) Pte. Ltd. (‘JOil’) Singapore 33.78%
The Block Salt Company Ltd. United Kingdom 50.00% Integrated Report

The Group had no contingent liabilities or capital commitments relating to its interest in joint ventures as at 31 March, 2018 and 2017. The joint
ventures have no other contingent liabilities or capital commitments as at 31 March, 2018 and 2017.

Carrying amount of investment in joint ventures
` in crore
Particulars As at As at
31 March, 2018 31 March, 2017
Indo Maroc Phosphore S.A. 351.42 293.24
Natronx Technologies LLC* - -
JOil (S) Pte. Ltd.* - -
The Block Salt Company Ltd. 2.53 2.22 Statutory Reports
Margin elimination on stock (1.23) (3.25)
Total 352.72 292.21

*The Group has impaired 100% investment during the year ended 31 March, 2015.
` in crore
Summary of movement of investment in joint ventures Year ended Year ended
31 March, 2018 31 March, 2017
Opening carrying value as at 1 April A 292.21 311.55
Add/(Less):
Additional Investment B 1.91 13.14
Add: Share of profit of joint ventures Financial Statements

Group’s share of profit for the year 47.00 12.75
Margin elimination on stock 2.23 2.87
C 49.23 15.62
Adjusted against provision made earlier for onerous contract D - (9.46)
Dividend received for the year E (9.82) (20.33)
Exchange fluctuations F 19.19 (18.31)
Closing carrying value as at 31 March A to F 352.72 292.21

Consolidated Financial Statements 215