Coromandel to commission Tunisia phosphoric acid plant in 2011

27 May 2010 12:04  [Source: ICIS news]

MUMBAI (ICIS news)--Coromandel International Ltd plans to commission a 360,000 tonne/year phosphoric acid plant in Tunisia in the first quarter of 2011, a source from India’s Ministry of Chemicals and Fertilizers said on Thursday.

The plant will be operated by Tunisian Indian Fertilisers (Tifert), which is a joint venture between the India-based companies Coromandel and Gujarat State Fertilizers and Chemicals Ltd (GSFC) and Tunisia-based Groupe Chimique Tunisian (GCT) and Campagnie Des Phosphate De Gafsa (CPG), the source added.

The estimated cost of the plant would be $500m (€410m), the source said, adding that Coromandel and GSFC would each hold a 15% stake in the project.

The source declined to provide details of the stakes of the other two companies.

All of the plant’s production will be exported to India as part of long-term purchasing contracts signed by the two Indian project partners to supply their fertilizer plants with phosphoric acid, the source said. 

The new plant would help Coromandel increase its fertilizer manufacturing capacity, a source close to the company said.

Coromandel planned to invest Indian rupees (Rs) 3bn ($6.3m) to increase its fertilizer capacity by 1m tonnes/year to 4.2m tonnes/year, he added. 

In addition to the Tunisian joint venture, Coromandel has secured supplies of phosphoric acid from a 14% stake in South Africa’s Foskor.

Coromandel manufactures diammonium phosphate (DAP) and other complex fertilizers.

($1 = €0.82/$1 = Rs47.14)

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By: Priya Jestin

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