Hyderabad-based Coromandel International Limited, India’s second largest phosphatic fertilizer player, is planning to invest over Rs 500 crore in the next couple of years to ramp up its production capacity to 4 million tonnes from the present 3.25 million tonnes. This includes a Rs 116 crore ertilizer 800-tonne per day SSP plant to be set up in Punjab.
Coromandel, which has some 17 per cent share in the Indian phosphate market, manufactures DAP and different NPK formulations, has joint ventures and long-term agreements for supply of raw material in several countries including South Africa, Israel, Tunisia, Togo, Japan and Canada. With some 17% of the world population, India is the second largest fertilizer consuming country with around 13 percent of world use.
The Murugappa group company was incorporated in 1961 and launched its operations in 1964 by starting its first fertilizer plant in Visakhapatnam. The group brought all its other subsidiaries in agriculture inputs business under the umbrella of Coromandel International subsequently. They finished last year with about US$ 3b turnover. In the 2010 Coromandel Fertilisers Ltd. was renamed to Coromandel International Ltd. and it operates in four segments: fertilizers, specialty nutrients, crop protection and retail. During the fiscal year ended March 31, 2011, Coromandel acquired Pasura Bio-Tech Private Limited.