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  • Home
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  • DAILY CURRENT AFFAIRS:Coromandel International buy 45 pc stake in Senegal-based BMCC to make DAP fertilisers in India

Coromandel International buy 45 pc stake in Senegal-based BMCC to make DAP fertilisers in India

Tags: Economy/Finance International News

In a boost to India’s quest to become self-sufficient in Diammonium Phosphate (DAP), Coromandel International Ltd has acquired a 45 per cent stake in Senegal-based rock phosphate firm Baobab Mining and Chemicals Corporation.

  • India is a big importer of rock phosphate and DAP fertilizers.
  • In May 2022, the private company Coromandel International had announced that it would acquire a 45 per cent equity stake in Baobab Mining and Chemicals Corporation (BMCC) for Rs 225 crore.
  • Coromandel International Ltd on 3 August 2022, formalised the acquisition of a 45 per cent equity stake in BMCC. Minister of Chemicals and Fertilisers Mansukh Mandaviya presided over the event wherein officials from BMCC handed over the acceptance letter from the Government of Senegal to Coromandel.
  • The minister said that “the mining will be done in Senegal and production of DAP will be done in India. 10 lakh tonnes of Diammonium Phosphate (DAP) and Nitrogen-Phosphorus-Potassium (NPK) will be manufactured," 
  • India is strengthening its raw material supply security by investing in mineral-rich geographies, the minister said, adding that the Centre has been partnering with the industry to enable such investments.
  • "India enjoys cordial bilateral relations with Senegal, which is one of the leading suppliers of phosphoric acid to India. I hope that the investment in the rock mines in Senegal will be mutually beneficial for both the nations and will further strengthen our friendship," he said.
  • Coromandel’s Executive Vice Chairman Arun Alagappan said the investment in BMCC will secure up to one-third of our rock phosphate requirement.
  • The Centre has been advising and supporting Indian fertiliser companies to strengthen their back-end supply chain.

Senegal 

It is located in the western most point in Africa. It is also called the gateway to Africa.

It is rich in phosphates of lime and aluminium phosphates minerals.

Capital: Dakar

Currency: CFA Franc 

President: Macky Sall

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