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CFL expertise for South African major
By Our Staff Correspondent
CHENNAI,
FEB. 16.
Coromandel Fertilizers Limited (CFL), manufacturer of phosphatic fertilizers, has entered into an agreement with Foskor Limited, a wholly owned subsidiary of Industrial Development Corporation (IDC), South Africa, for acquiring 2.5 per cent of its equity stake.
Coromandel Fertilizers has also entered into an agreement with Foskor to provide assistance in plant performance, procurement and logistics to improve Foskor's financial performance, says a release.
Foskor is one of the largest producers of phosphoric acid in the world and exports large quantities to India.
Foskor holds 5 per cent equity in Godavari Fertilizers and Chemicals Ltd (GFCL), India, a part of Murugappa Group with an agreement to supply phosphoric acid to CFL and GFCL.
Further the business assistance arrangement with Foskor gives CFL option to increase its stake up to 16.5 per cent over a period.
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