Coromandel to acquire a 45% stake in BMCC for $30m.

Coromandel, a firm that manufactures and sells fertilizers and crop protection chemicals, agreed to acquire a 45% stake in Baobab Mining and Chemicals, a provider of coal mining and exploration services, for $30m. “As part of the Hon’ble Prime Minister’s ‘Atmanirbhar Bharat’ vision, India is working towards achieving self-sufficiency in Phosphatic fertiliser production. Given the high dependence on rock phosphate imports, which is a key raw material for manufacturing Phosphoric acid, the proposed investment will be a step towards achieving long term sustainability and supply security goals for meeting country’s fertiliser needs," Arun Alagappan, Coromandel Executive Vice Chairman.