{"id":40604,"date":"2022-05-06T18:52:13","date_gmt":"2022-05-06T13:22:13","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-coromandel-bmcc\/"},"modified":"2022-05-06T18:52:13","modified_gmt":"2022-05-06T13:22:13","slug":"biz-coromandel-bmcc","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-coromandel-bmcc\/","title":{"rendered":"Coromandel to buy 45 pc stake in Africa&#8217;s rock phosphate mining co BMCC for Rs 150 cr"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3891980769\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> New Delhi, May 6 (PTI) Coromandel International Ltd on Friday said it is set to acquire 45 per cent stake in Baobab Mining and Chemicals Corporation (BMCC) in Africa for about Rs 150 crore and will infuse around Rs 75 crore as debt.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-120104302\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> In a regulatory filing, the company informed that it is set to acquire 45 per cent equity stake in the BMCC, a rock phosphate mining company based in Senegal, Africa at an &#8220;outlay of USD 19.6 million (Rs 150 crore approximately), besides loan infusion into BMCC of a further USD 9.7 million (Rs 75 crore approximately).&#8221; \t The acquisition is happening through its wholly owned subsidiary Parry Chemicals Ltd. 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.<\/p>\n<p> Coromandel International is India\u2019s leading agri input solutions provider and is in the business of fertilisers, crop protection, bio products, speciality nutrients, organic fertilisers and retail. It is a leading private phosphatic fertiliser manufacturer. It operates three fertiliser units for manufacturing of around 3 million tonnes of phosphatic fertilisers.<\/p>\n<p> Rock phosphate is a key raw material for manufacturing phosphoric acid, an intermediate used for phosphatic fertiliser production.<\/p><div class=\"trade-content_5\" id=\"trade-2991570152\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Coromandel has strategic tie-ups with leading integrated players like Tifert (Tunisia) and Foskor (South Africa) for meeting its phosphoric acid requirements.<\/p>\n<p> Further, it has been augmenting its captive phosphoric acid production at Vizag plant and is sourcing rock from various countries.<\/p>\n<p> As part of its strategy to strengthen the value chain, Coromandel has been evaluating opportunities in the phosphate mining to secure its rock phosphate needs.<\/p>\n<p> BMCC is in the business of mining, production, and sale of rock phosphate. BMCC has since stabilised its operations and commenced active production from 2021. This investment will help in strengthening Coromandel\u2019s backward integration and will ensure long term supply security of the key raw material.<\/p>\n<p> At full capacity, BMCC can meet up to one-third of the company\u2019s rock phosphate requirement.<\/p>\n<p> Arun Alagappan, Executive Vice Chairman, Coromandel International, said, &#8220;Given the high dependence on rock phosphate imports, which is a key raw material for manufacturing phosphoric acid, the proposed investment will be a step towards achieving long term sustainability and supply security goals for meeting country\u2019s fertiliser needs.&#8221; PTI MJH  MJH AJ AJ<\/p><div class=\"trade-content-10\" id=\"trade-1581928240\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<div class=\"trade-after-content\" id=\"trade-288164658\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, May 6 (PTI) Coromandel International Ltd on Friday said it is set to acquire 45 per cent stake in Baobab Mining and Chemicals Corporation (BMCC) in Africa for about Rs 150 crore and will infuse around Rs 75 crore as debt. In a regulatory filing, the company informed that it is set to [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-40604","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coromandel to buy 45 pc stake in Africa&#039;s rock phosphate mining co BMCC for Rs 150 cr - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-coromandel-bmcc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coromandel to buy 45 pc stake in Africa&#039;s rock phosphate mining co BMCC for Rs 150 cr\" \/>\n<meta property=\"og:description\" content=\"New Delhi, May 6 (PTI) Coromandel International Ltd on Friday said it is set to acquire 45 per cent stake in Baobab Mining and Chemicals Corporation (BMCC) in Africa for about Rs 150 crore and will infuse around Rs 75 crore as debt. 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