Business
India's Fertiliser Security: Coromandel International Buys 45 Per Cent Equity In Senegal's Rock Phosphate Mining Company
Union Minister Mansukh Mandaviya with officials of the Coromandel and BMCC (Pic Via Twitter)
Coromandel International Ltd, one of the India’s leading phosphatic fertiliser player, on Wednesday (3 August) formalised the acquisition of 45 per cent equity share in Baobab Mining and Chemicals Corporation (BMCC), a rock phosphate mining company based in Senegal.
Union Minister of Chemicals and Fertilisers Mansukh Mandaviya presided over the event wherein officials from BMCC handed over the acceptation letter from the Government of Senegal to Coromandel.
Speaking on the occasion, Mandaviya said, “India is strengthening its raw material supply security by investing in mineral rich geographies. Government of India has been partnering with the industry to enable such investments to achieve supply security goals for meeting the country’s fertiliser needs. We are committed to ensure availability of fertilisers for our farmers and will continue to work towards ramping up domestic production and establishing partnerships with other countries”.
Mandaviya further said, “India enjoys cordial bilateral relations with Senegal, which is one of the leading suppliers of phosphoric acid to India. I hope that the investment in the rock mines in Senegal will be mutually beneficial for both the nations and will further strengthen our friendship. The mining will be done in Senegal and production of DAP will be done in India. 10 LMT of Diammonium Phosphate (DAP) and Nitrogen-Phosphorus-Potassium (NPK) will be manufactured".
Coromandel’s Executive Vice Chairman Arun Alagappan thanked the central government for its continuous guidance and encouragement towards establishing backward linkages for key raw materials for fertilisers, a Ministry of Chemicals and Fertilisers release said on Wednesday.
He said that “the investment in BMCC will secure up to one-third of our rock phosphate requirement, diversify our sourcing base and drive self-sufficiency in our operations. We will continue to invest towards achieving Atma Nirbhar Bharat’s vision for building supply security in phosphatic fertilisers".
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