Coromandel International is set to acquire 45% equity stake in Baobab Mining and Chemicals Corporation (BMCC), a rock phosphate mining company based in Senegal, Africa at an outlay of $ 19.6 million (Rs 150-crore approximately), besides loan infusion into BMCC of a further $ 9.7 million (Rs 75-crore approximately). The acquisition is happening through its wholly owned subsidiary Parry Chemicals. The transaction is expected to be completed in the second quarter of FY 2022-23 and is subject to satisfactory completion of conditions precedent as contained in the Agreements.
This investment will help in strengthening Coromandel’s backward integration and will ensure long term supply security of the key raw material. At full capacity, BMCC can meet upto one-third of the Company’s rock phosphate requirement.
Coromandel International is amongst India’s pioneers and leading Agri solutions provider, offering diverse products and services across the farming value chain.