New Delhi: Coromandel International is planning to invest Rs 800 crore to increase its production capacity for fertilisers and establish facilities for manufacturing fungicides. Coromandel International stated in a regulatory filing on Thursday that the Board has given approval for capital projects totaling approximately Rs 800 crore in investment. The company plans to increase granulation capacity by 750,000 tons per year for producing specialized fertilizers at Kakinada, Andhra Pradesh. A state-of-the-art multi-product plant will be established at Ankleshwar, Gujarat for the production of fungicides that have recently come off-patent.
In the fertiliser industry, increasing capacity will require installing a new granulation train for NPKs at the current fertiliser production facility in Kakinada. The new granulation train will increase the annual production capacity of the Kakinada site to 30 lakh tons by adding 7.5 lakh tons. Earlier this year, the company revealed plans to establish a phosphoric acid plant capable of producing 650 tons per day (TPD) and a sulphuric acid plant capable of producing 2,000 TPD at a cost of Rs 1,000 crore.
"The advantageous position of the Kakinada facility on India's East Coast gives Coromandel logistical benefits, guaranteeing prompt deliveries to markets throughout the country. The company stated that the investment will allow them to produce high-quality phosphatic fertilizers to meet the increasing needs of Indian farmers.The Board of Coromandel also gave the go-ahead for setting up a modern Multi-Product Plant (MPP) to produce fungicides that have recently lost their patent in Ankleshwar, Gujarat. This decision is in line with the company's aspirations for growth in the crop protection sector. Recently, the company has introduced 10 new crop protection products in an effort to enhance its local formulations business.
The planned MPP will improve Coromandel's manufacturing capabilities and support the increased demand for specific products in local and international markets. In addition to these significant capex projects, the Board has also given the go-ahead for financial support to be injected into Baobab Mining Chemical Corporation (BMCC) in Senegal for its current capex program. Additionally, in the second quarter, Coromandel has revealed that its fully-owned subsidiary, Coromandel Chemicals Ltd, intends to acquire an extra 8.8 percent stake in BMCC, pending regulatory permissions, thus increasing its total ownership in BMCC to 53.8 percent. During 2023-24, the company registered a turnover of Rs 22,290 crores.
ALSO READ: পতঞ্জলি ফুডছৰ দ্বিতীয় ত্ৰৈমাসিকৰ লাভ ২১ শতাংশ বৃদ্ধি পাই ৩০৯ কোটি টকা হয়
FIRST Business Portal addressing the potential of business capability of North East Region.
