Coromandel Fertilisers Limited (CFL), part of the Chennai-based Murugappa group, has signed a venture agreement with Soquimich European Holdings BV of Netherlands, a subsidiary of Chile-based fertiliser and chemical producer SQM.
The 50:50 joint venture is for setting up of 15,000 tonnes water soluble fertilisers (NPK grades) plant at Kakinada in Andhra Pradesh.
The Rs 10-crore unit will be ready by March 2010, CFL managing director, V Ravichandran, told Business Standard.
According to Ravichandran, CFL is setting up the new unit near its existing plant at Kakinada as the consumption of water soluble fertilisers is going up in India. CFL has tied-up with SQM for assured supply of raw material.
