Mumbai: Coromandel Fertilisers has set up a joint venture company in Tunisia for tying up long-term supply of phosphoric acid, one of the key raw materials, the company said in a filing with the Bombay Stock Exchange (BSE). Coromandel Fertilisers has signed a long-term commercial agreement with the joint venture, named Tunisian Indian Fertilisers S A, for supply of phosphoric acid.
Coromandel had, earlier, signed a shareholders agreement with two Tunisia-based companies – Group Chimique Tunisie and Compagnie des Phosphates de Gafsa of Tunisia – and Gujarat State Fertilisers and Chemicals Ltd (GSFC) for a joint venture in Tunisia for manufacturing phosphoric acid.
The company has reported impressive results with above 25-per cent growth in first quarter results. Shares of the company were trading at Rs67.85, down 0.95 per cent on the BSE
Coromandel Fertilisers Limited, belonging to the Rs6,200-crore Murugappa group, is a leading company in India manufacturing a wide range of fertilisers and pesticides (technical and formulations). Along with its subsidiary, Godavari Fertilisers & Chemicals Ltd, CFL markets around two-million tonnes of phosphatic fertilisers, making it a leader in its addressable markets and the second largest phosphatic fertiliser player in India.
With multi-locational production facilities and a countrywide distribution network, the company also markets phosphogypsum and sulphur pastilles.
Voted as one of the ten greenest companies in India, Coromandel Fertilisers fosters a climate of high performance and continuous improvement and has strategic partnerships with leading companies across the globe.