India, Tunisia fertilisers in phosphoric acid jv

22 August 2006 16:06  [Source: ICIS news]

NEW DELHI (ICIS news)--India’s Coromandel Fertilisers Limited (CFL) and Gujarat State Fertiliser Chemicals (GSFC) Limited said Tuesday they have signed a shareholders agreement with Tunisia’s Groupe Chimique Tunisien (GCT) to implement their proposed phosphoric acid joint venture (JV) in Tunisia.

 

In a statement to the stock exchange, CFL said the agreement was signed on 21 August. It did not give any additional update on the project estimated to cost $180m (€140.5m). Earlier, it had stated that it would have a 15% equity stake in the joint venture.

 

GSFC will hold another 15% stake, while GCT and its associate Compagnie des Phosphates de Gafsa (CPG) would hold the balance 70% stake split equally between them.

 

The joint venture will set up a phosphoric acid plant at GST’s existing production site at La Skhira in Tunisia, which CFL and GSFC will then import to India and use to produce diammonium phosphate (DAP).

By: Naresh Minocha
+65 6780 4359

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