Zuari Agro Chemicals Ltd (ZACL) has purchased a 50 per cent stake in its joint venture firm, Zuari Rotem Speciality Fertilisers, from its partner Rotem Amfert Negev for about USD 2 million.
"Zuari Rotem Speciality Fertilisers Ltd (ZRSFL), which was a joint venture of the company, has become the subsidiary of the company with effect from December 11, 2015," ZACL said in a regulatory filing.
Zuari Rotem Speciality Fertilisers was a 50:50 joint venture between Zuari Agro Chemicals Ltd and the Israel-based Rotem Amfert Negev Limited.
This was the first Indo-Israel collaboration in the Indian fertiliser sector.
When contacted, Zuari Global MD N Suresh Krishnan confirmed the stake buy.
Zuari Rotem was created to produce state-of-the-art, zero-waste, water-soluble fertilisers (WSF). These products dramatically improve agricultural productivity since WSF fertilisers are 100 per cent water-soluble, unlike other fertilisers.
