Coromandel International Ltd, part of Murugappa Group, the country’s leading provider of agricultural input solutions, will acquire a 45% stake in Senegal-based Baobab Mining and Chemicals Corporation (BMCC) for $19.6 million (approximately Rs 1.5 million). Shares. Mining Company.

Coromandel said on May 6 that it would inject a loan of $9.7 million (approximately Rs 7.5 crore) into BMCC, in addition to the acquisition through its wholly-owned subsidiary Parry Chemicals. The transaction is expected to close in the second quarter of fiscal 2022-23, subject to the completion of the condition’s precedent contained in the agreement.

“As part of the vision of the Honourable Prime Minister ‘Atmanirbhar Bharat’, India is striving to achieve self-sufficiency in phosphate fertiliser production. Given that phosphate is a critical raw material for the manufacture of phosphoric acid, which is highly dependent on imports, the proposed investment will be used to meet this requirement. Is a step towards the long-term sustainability of the country’s fertiliser demand and supply security goals,” said Arun Alagapan, Coromandel Executive Vice-Chairman.

He said the investment would play a key role in establishing a secure supply of phosphate fertilisers in India, improving the nutritional balance and productivity of farming communities.

Phosphate is the critical raw material for the manufacture of phosphoric acid, which is an intermediate in the production of phosphate fertilisers. Coromandel operates in fertilisers, organic fertilisers, crop protection, biological products and speciality nutrients and has strategic partnerships with leading integrators such as Tiferet (Tunisia) and Foskor (South Africa) to meet their phosphoric acid needs.

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It has been increasing captive phosphoric acid production at its Vizag plant and sourcing rocks from various countries. The company said Coromandel had been evaluating phosphate mining opportunities as part of a strategy to strengthen its value chain to secure its demand for phosphate.