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Coromandel Intl to acquire 45% stake in Senegal rock phosphate mining firm
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SME Times News Bureau | 06 May, 2022
Murugappa Group's Coromandel International Ltd will acquire 45 per cent
stake in the Senegal-based Baobab Mining and Chemicals Corporation
(BMCC), a rock phosphate mining company.
According to
Coromandel International, the acquisition will be at an outlay of $19.6
million (about Rs 150 crore) and it will also provide a loan of $9.7
million (about Rs 75 crore).
The acquisition is happening through its wholly-owned subsidiary Parry Chemicals Ltd.
The
transaction is expected to be completed in the second quarter of FY
2022-23 and is subject to satisfactory completion of conditions
precedent as contained in the Agreements.
One of the largest
private phosphatic fertiliser manufacturer and marketer in India,
Coromandel International operates 3 fertiliser units for manufacturing
about three million ton of phosphatic fertilisers.
Rock phosphate
is a key raw material for manufacturing phosphoric acid, an
intermediate used for phosphatic fertiliser production.
Coromandel
has strategic tie up with leading integrated players like Tifert
(Tunisia) and Foskor (South Africa) for meeting its phosphoric acid
requirements.
Further, it has been augmenting its captive
phosphoric acid production at Vizag plant and is sourcing rock from
various countries.
As part of its strategy to strengthen the
value chain, Coromandel has been evaluating opportunities in the
phosphate mining to secure its rock phosphate needs, the company said.
The
investment in BMCC will help in strengthening Coromandel's backward
integration and will ensure long term supply security of the key raw
material. At full capacity, BMCC can meet upto one-third of the
Coromandel's rock phosphate requirement.
"Given the high
dependence on rock phosphate imports, which is a key raw material for
manufacturing Phosphoric acid, the proposed investment will be a step
towards achieving long term sustainability and supply security goals for
meeting country's fertiliser needs," Executive Vice Chairman Arun
Alagappan said.
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