Deepak Fertilisers & Petrochemicals Corp sets up JV in Australia

To invest AUD 28 million over next 2 years

Deepak Fertilisers & Petrochemicals Corp announced that Smartchem Technologies (STL), wholly owned subsidiary of the Company, India's leading manufacturer of mining chemicals, as a part of its forward integration initiative, has incorporated "Platinum Blasting Services" (Platinum) as its overseas venture for Mining Services in Brisbane, Australia.

Platinum is a joint venture with local Australian partners, who have vast experience in providing value added blasting services and operation expertise to the mining and explosives industries in Australia. STL will hold 65% while the local partners will hold 35% in the joint venture. The local partners collectively bring over 80 years of domain knowledge to the venture.

Over the next two years. Platinum intends to make an investment of around AUD 28 million through a mix of debt and equity.

Australia, which is an approximately 2 million tons per annum of expanding TAN market, will offer immense growth potential to Platinum.

Platinum plans to develop a full service offering including:

1. Technical Ammonium Nitrate (TAN) supplies;
2. Storage and logistics;
3. Manufacturing of Emulsion;
4. Blast design and technical support; and
5. Down-the-Hole services.

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