Fertiliser maker Coromandel International today received the first consignment of phosphoric acid from its Tunisian joint venture, Tunisian Indian Fertilisers.
The consignment of 31,269 tonnes of phosphoric acid arrived at its Kakinada complex fertiliser plant.
Of this, Coromandel’s share is 12,498 tonnes, with the remaining is to be delivered to Gujarat State fertilisers and Chemicals, the other Indian shareholder of the Tunisian venture.
The plant has a storage capacity of 72,000 tonnes of the acid, which is used to make various graders of fertilisers.
The venture was set up in La Shira by the two Indian companies, along with two other Tunisian Government entities. The plant, which was commissioned last month, was set up at a cost of $ 500 million.
Coromandel International, a part of the Murugappa Group, invested in the venture as part of its efforts to secure uninterrupted supply of the critical raw material for its operations.
The two Indian firms, which hold 15 per cent holding each, have entered into a long-term agreement with the Tunisian venture to import the entire production of phosphoric acid directly to India.