M&A

M&A

Fertiliser maker Coromandel ups stake to 54% in Senegal miner Baobab

Press Release   BSE  

Hyderabad-based, publicly listed fertiliser maker Coromandel International, via its wholly-owned subsidiary Coromandel Chemicals Ltd, is to acquire an additional 8.82% stake in Senegal, Africa-based Baobab Mining and Chemicals Corporation (BMCC). Post acquisition, Coromandel will hold 53.8% stake in the company. It will invest USD 3.84 million (INR 32 core) in BMCC, besides a loan infusion of USD 6.5 million (INR 54 crore) to fund expansion projects and meet working capital requirements.

In Sep 2022, Coromandel had acquired a 45% equity stake in BMCC for USD 19.6 million .