M&A

M&A

Fertiliser maker Coromandel ups stake to 71.51% in Senegal miner Baobab

BSE Announcement   Business Standard  

Chennai-based, publicly listed fertiliser maker Coromandel International, via its wholly-owned subsidiary Coromandel Chemicals Ltd, is to acquire an additional 17.69% stake in Senegal, Africa-based Baobab Mining and Chemicals Corporation (BMCC) for a consideration of USD 7.70 million. Post acquisition the shareholding of Coromandel in the BMCC will be increased to 71.51%.Through this acquisition Coromandel aims to strengthen its backward integration in the phosphates value chain.

In May 2022, Coromandel had acquired a 45% equity stake in BMCC for USD 19.6 million and in Sep-24 Coromandel has acquired an additional 8.82% equity stake in BMCC for USD 3.84 million .