- Coromandel International Ltd acquires 45% equity share in Baobab Mining and Chemicals Corporation (BMCC), a rock phosphate mining company based in Senegal.
- Mining will be done in Senegal and production of DAP will be done in India
04 August 2022, New Delhi: As part of the self-reliant India initiative to promote self-sufficiency in Fertilisers, Government of India has been advising and supporting the Indian fertiliser companies to strengthen their backend supply chain. Given India’s high dependence on raw materials like rock phosphate and phosphoric acid, the government plans to secure its supplies and hedge against price rises by expanding its footprint in mineral-rich countries through investments and multi-year import deals.
Coromandel International Ltd acquires 45% equity share in Baobab Mining and Chemicals Corporation (BMCC)
Coromandel International Ltd, India’s leading phosphatic fertiliser player, today formalized the acquisition of 45% equity share in Baobab Mining and Chemicals Corporation (BMCC), a rock phosphate mining company based in Senegal, in West Africa. Union Minister of Chemicals and Fertilizers, Dr. Mansukh Mandaviya presided over the event wherein officials from BMCC handed over the acceptation letter from the Government of Senegal to Coromandel.
Speaking on the occasion, the Union Minister stated that “India is strengthening its raw material supply security by investing in mineral rich geographies. Government of India has been partnering with the industry to enable such investments to achieve supply security goals for meeting the country’s fertiliser needs. India has cordial bilateral relations with Senegal, which is one of the leading suppliers of phosphoric acid to India. I hope that the investment in the rock mines in Senegal will be mutually beneficial for both the nations and will further strengthen our friendship.”
The mining will be done in Senegal and production of DAP will be done in India. 10 LMT of Diammonium Phosphate (DAP) and Nitrogen-Phosphorus-Potassium (NPK) will be manufactured”.
Coromandel’s Executive Vice Chairman, Mr. Arun Alagappan thanked Government of India for its continuous guidance and encouragement towards establishing backward linkages for key raw materials for fertilisers. He said that “the investment in BMCC will secure up to one-third of our rock phosphate requirement, diversify our sourcing base and drive self-sufficiency in our operations. We will continue to invest towards achieving Atma Nirbhar Bharat’s vision for building supply security in phosphatic fertilisers.”
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