Coromandel International Limited (BSE: 506395, NSE: COROMANDEL), India's leading Agri solutions provider is in the business of Fertilisers, Crop Protection Chemicals, Bioproducts, Specialty Nutrients, Organic Fertilizer and Retail.
The Board in its meeting held today approved the company's plan to expand its operations in Crop Protection Chemicals and foray into Contract Development & Manufacturing Organisation (CDMO) business. The Board further approved the plan to diversify into new growth areas namely Speciality and Industrial Chemicals. This is in line with the company's strategy to establish a sizeable presence in the Crop Protection Chemicals business and leverage its deep technical capabilities and best in class infrastructure to enter into adjacencies like CDMO, Speciality and Industrial Chemicals.
Mr Arun Alagappan, Executive Vice Chairman, Coromandel International Limited, said, "Coromandel's current capabilities in Crop Protection Chemicals offers a strong starting position and flexibility for play in Speciality and Industrial Chemicals. With India's high import dependency in the specialty chemicals, global supply chain diversification trends and strong policy push by the Government, these businesses offer significant growth prospects in addition to supporting the Atmanirbhar Bharat vision of the nation.
Entry into CDMO business is a strategic portfolio choice where Coromandel can leverage its expertise in handling complex chemistries at commercial scale and strong development capabilities across various chemistries.
Scaling up our Crop Protection Chemicals business will significantly help leverage the growth opportunities in India and the global markets. The company plans to set up new Multi Product Plants in two of its manufacturing locations apart from purchase of additional land for future expansions.
Coromandel plans to invest Rs. 1,000 crores over the next two years in the above businesses and leverage the macro tailwinds in the Chemicals sector to build a business of scale."
Shares of Coromandel International Limited was last trading in BSE at Rs. 866.80 as compared to the previous close of Rs. 862.10. The total number of shares traded during the day was 5004 in over 695 trades.
The stock hit an intraday high of Rs. 872.95 and intraday low of 861.70. The net turnover during the day was Rs. 4339810.00.