Coromandel International, an agro-chemical firm, has recently announced the acquisition of an additional 8.82 per cent equity stake in Senegal-based rock phosphate mining company, BMCC. This acquisition was made through Coromandel’s wholly-owned subsidiary and will increase the company’s overall shareholding in BMCC to 53.8 per cent.

The investment for this acquisition stands at USD 3.84 million (Rs 32 crore), along with a loan infusion of USD 6.5 million (Rs 54 crore). The funds will be used for expansion projects and meeting working capital requirements.

According to the statement released by Coromandel International, rock phosphate is a critical raw material for manufacturing high-quality fertilizers. This acquisition will provide the company with a more stable and reliable supply of this crucial raw material, further strengthening its position in the market.

This move is in line with Coromandel’s strategy to expand its presence in the global market and strengthen its position as a leading player in the agro-chemical industry. With the additional equity stake in BMCC, the company will continue to focus on delivering high-quality products and services to its customers

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