Coromandel International Limited, a leading Indian Agri solutions provider, has been driving sustainable farm practices by leveraging technology solutions to promote its integrated nutrient management approach. In a significant push towards this objective, today the company announced the soft launch of 'Nano DAP', a cutting-edge nanotechnology-based fertilizer, developed by its R&D centre based at IIT Bombay.
The company has conducted ~700 field trials and has partnered with leading agricultural universities to establish efficacy of the product. Earlier in March, Nano DAP received regulatory clearance from the Department of Fertilizers, establishing Coromandel as the pioneer in adopting nano technology in Phosphatics fertiliser space. The company is setting up a Nano DAP production facility in Andhra Pradesh with a capacity to manufacture 4 crore bottles and is likely to be commissioned in 2023. The product would be available in 1-litre bottle, which can supplement the nutrient needs of one acre farm.
In an event organized at Hyderabad and presided by Secretary, Department of Chemicals & Petrochemicals, Ministry of Chemicals & Fertilizers, Shri Arun Baroka, the company interacted with the farmers and unveiled Nano DAP to the farming community. Product samples were distributed to the progressive farmers for testing out the product's efficacy.
Speaking on the occasion, the Secretary stated "Nano DAP marks a significant step in India's push towards achieving the Atma Nirbhar vision in Fertilisers. We are working closely with the industry to promote its usage and positioning it as an alternate fertilizer to conventional nutrients. Its usage is expected to provide impetus to sustainable farming practices by providing site specific nutrition, minimizing wastages and conserving water."
During the occasion, Mr. Arun Alagappan, Executive Vice Chairman of Coromandel International Limited, said, "We are proud and excited to introduce Nano DAP for Indian farms which holds the potential to transform agriculture by driving balanced nutrient practices. Besides its impact on improving the farm economics, Nano DAP can promote self-reliance in fertilisers and provides opportunity to meet 'Make in India, Make for World' vision.
I would like to extend my sincere gratitude to the Government for its continuous guidance and support throughout the development of the product. We are committed to introducing novel technologies that can enhance the efficiency of agricultural solutions and improve sustainability of Indian farms."
Shares of Coromandel International Limited was last trading in BSE at Rs. 961.25 as compared to the previous close of Rs. 953.90. The total number of shares traded during the day was 13649 in over 1488 trades.
The stock hit an intraday high of Rs. 967.55 and intraday low of 947.85. The net turnover during the day was Rs. 13067480.00.