Coromandel International will acquire an additional 17.69% stake for $7.70 million in Senegalese rock phosphate miner Baobab Mining and Chemicals Corporation (BMCC).
The acquisition, by subsidiary Coromandel Chemicals, will take its stake in BMCC from existing 53.82% to 71.51%, the agriculture solutions company said after a Board meeting on Thursday.
Rock Phosphate is one of the key raw materials used in manufacturing of phosphoric acid, which in turn is used in manufacturing of complex fertilizers. The acquisition, of additional stake, will further help secure supply of raw materials, on a long-term and sustainable basis, the Murugappa Group company said.
₹137-cr. bagging plant
Coromandel International said the board also approved the setting up a 3,888 TPD bagging plant at its Kakinada facility as a part of granulation capacity expansion with an investment of ₹137 crore. An in-house bagging plant helps reduce operational cost, enhances ease of operations and facilitates smooth movement of goods and better surveillance of end-to-end operations, thus giving an edge over previous mechanism of getting bagging done at a third-party location.
For the quarter ended June, the company reported consolidated net profit increased 62% to ₹501.59 crore from ₹309.24 crore a year earlier. The higher net profit came on a nearly 49% increase in total income at ₹7,126.04 crore (₹4,782.93 crore).
The performance was aided by an early monsoon onset that resulted in higher crop sowings and improved agri inputs consumption, Managing Director and CEO S.Sankarasubramanian said.
Published – July 24, 2025 07:43 pm IST
