Coromandel International, an agricultural chemicals maker, announced that its board of directors approved a proposal to establish new phosphoric acid and sulphuric acid plants at Kakinada in Andhra Pradesh, investing Rs 10.29 billion.
The board meeting on January 30 sanctioned the proposal, as per a stock exchange filing by Coromandel International. The new plants will increase the company’s phosphoric acid capacity by 750 tonnes per day and sulphuric acid capacity by 1,800 tonnes per day.
Currently, the company’s phosphoric acid capacity stands at 1,550 tonnes per day, and sulphuric acid capacity at 4,200 tonnes per day. The project, to be completed in 24 months, will be financed through internal accruals, as stated by the company.
This initiative aims to reduce reliance on imports and transform Kakinada into an integrated facility, aligning with the firm’s long-term goal of securing essential raw materials for fertiliser production.