Other Private Equity/Strategic Investments

Fertiliser maker Coromandel acquires 45% in Senegal's rock phosphate miner Baobab

Company Disclosure  

Hyderabad-based, publicly listed fertiliser maker Coromandel International is to acquire 45% equity stake in Baobab Mining and Chemicals Corporation (BMCC), a rock phosphate mining company based in Senegal, Africa for USD 19.6 million (about INR 150 crore) through its wholly-owned subsidiary Parry Chemicals Ltd. Coromandel will also infuse USD 9.7 million (INR 75 crore) into BMCC via a loan. The transaction is expected to be completed in the second quarter of FY 2022-23. Rock phosphate is a key raw material for manufacturing phosphoric acid, an intermediate used for phosphatic fertiliser production.

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