Latest News | Coromandel International to Invest Rs 800 Cr in Fertilisers, Crop Protection Businesses
Get latest articles and stories on Latest News at LatestLY. Coromandel International will invest Rs 800 crore to expand its fertiliser manufacturing capacity and set up plants to make fungicides.
New Delhi, Oct 24 (PTI) Coromandel International will invest Rs 800 crore to expand its fertiliser manufacturing capacity and set up plants to make fungicides.
In a regulatory filing on Thursday, Coromandel International informed that the Board "approved capital projects with an investment outlay of around Rs 800 crore".
The company will enhance granulation capacity by 7.5 lakh tons per annum for manufacturing of complex and unique fertilisers at Kakinada, Andhra Pradesh.
It will also set up a state-of-the-art multi-product plant for manufacturing of recently off-patented fungicides at Ankleshwar, Gujarat.
In fertilisers business, the capacity enhancement will involve setting up of a new granulation train for NPKs at its existing fertiliser manufacturing unit at Kakinada.
The new granulation train will have an annual production capacity of 7.5 lakh tons, taking the total production capacity of the Kakinada site to 30 lakh tons.
Earlier this year, the company announced the setting up of a phosphoric acid plant with a capacity of 650 tons per day (TPD) and sulphuric acid plant with a capacity of 2,000 TPD at a cost of Rs 1,000 crore.
"The strategic location of the Kakinada facility on the East Coast of India provides Coromandel with logistical advantages, ensuring efficient supplies to markets across India... The investment will enable production of high-quality phosphatic fertilisers to meet the growing demand of Indian farmers," the company said.
Coromandel's Board also approved the establishment of a state-of-the-art Multi-Product Plant (MPP) for manufacturing of recently off-patented fungicides at Ankleshwar, Gujarat.
This move aligns with the company's growth ambitions in the crop protection segment.
Recently, the company has also launched 10 new crop protection products aimed at strengthening its domestic formulations business.
The proposed MPP will further enhance Coromandel's backend manufacturing capabilities and help meet the growing demand for the identified products in both domestic and export geographies.
Besides, these major capex projects, the Board has also approved fund infusion into the company's mining entity Baobab Mining Chemical Corporation (BMCC) at Senegal for its ongoing capex program.
Also, during the second quarter, Coromandel through its wholly-owned subsidiary, Coromandel Chemicals Ltd, has announced acquisition of an additional 8.8 per cent stake in BMCC, subject to regulatory approvals, which will take its overall shareholding in BMCC to 53.8 per cent.
The company clocked a turnover of Rs 22,290 crores during 2023-24.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)