Coromandel International to Acquire 45% Stake in Senegal firm for Rs 225 crore May 9th 2022 ://krishijagran.com/May 08, 2022Coromandel International, an agri inputs and solutions provider from the Murugappa group, will pay approximately Rs 225 crore for a 45 percent stake in Baobab Mining and Chemicals Corporation (BMCC), a rock phosphate mining company based in Senegal (Africa).The transaction includes a Rs 75 crore loan infusion into the target company. Coromandel now has access to rock phosphate, a critical raw material in the production of phosphoric acid, an intermediate used in the production of phosphatic fertilizers.Coromandel operates three fertilizer units that produce approximately 30 lakh tonnes of phosphatic fertilizers, making it the country's largest manufacturer and marketer of phosphatic fertilizer. This investment will strengthen Coromandel's backward integration and ensure long-term supply security of the key raw material, said Arun Alagappan, Executive Vice Chairman of Coromandel International, in a statement on Friday.BMCC can meet up to one-third of the companys rock phosphate requirements at full capacity. To meet its phosphoric acid needs, the company has agreements with players such as Tifert (Tunisia) and Foskor (South Africa).It is also increasing its captive phosphoric acid production at the Visakhapatnam plant and sourcing rock from various countries.The transaction is being handled by Coromandel Internationals' wholly-owned subsidiary Parry Chemicals. According to a company statement, the transaction is expected to close in the second quarter of this fiscal year.
is 225 crore 40m aud?
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