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 ?xml:namespace>
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
Coromandel manufactures diammonium phosphate (DAP) and other complex fertilizers.
($1 = €0.82/$1 = Rs47.14)
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