 "Deepak Fertilisers' Australian arm to invest Rs 160 to boost mining chemicals biz")
Platinum Blasting Services Pty Ltd, the newly formed Australian company by Deepak Fertilisers & Petrochemicals Corporation, is planning to invest about AUD 28 million (about Rs 160 crore) to help the Pune-based agrochemicals major to strengthen its business of technical ammonium nitrate (TAN) - a key ingredient to the mining and explosives industry.
On September 5, 2014, Smartchem Technologies Limited, the wholly-owned subsidiary of Deepak Fertilisers & Petrochemicals, announced the formation of Platinum Blasting Services Pty Ltd as its overseas venture for mining services in Brisbane, Australia. Formation of the Australian arm is a part of the forward integration initiative of Smartchem Technologies, which is one of the India's leading manufacturers of mining chemicals.
Platinum Blasting Services has been formed as a joint venture with local Australian partners, who have vast experience in providing value added blasting services and operation expertise to the mining and explosives industries in Australia. “Smartchem Technologies will hold 65% while the local partners will hold 35% in the joint venture. The local partners collectively bring over 80 years of domain knowledge to the venture,” said a company press release.
Over the next two years, Platinum Blasting intends to make an investment of around AUD 28 million (about Rs 160 crore) through a mix of debt and equity. Australia, which is an approximately 2 million tonnes per annum of expanding TAN market, will offer immense growth potential to Platinum Blasting.
Platinum plans to develop a full service offering including technical ammonium nitrate supplies; storage and logistics; manufacturing of emulsion; blast design and technical support; and down-the-hole services.
On September 5, 2014, Smartchem Technologies Limited, the wholly-owned subsidiary of Deepak Fertilisers & Petrochemicals, announced the formation of Platinum Blasting Services Pty Ltd as its overseas venture for mining services in Brisbane, Australia. Formation of the Australian arm is a part of the forward integration initiative of Smartchem Technologies, which is one of the India's leading manufacturers of mining chemicals.
Platinum Blasting Services has been formed as a joint venture with local Australian partners, who have vast experience in providing value added blasting services and operation expertise to the mining and explosives industries in Australia. “Smartchem Technologies will hold 65% while the local partners will hold 35% in the joint venture. The local partners collectively bring over 80 years of domain knowledge to the venture,” said a company press release.
Over the next two years, Platinum Blasting intends to make an investment of around AUD 28 million (about Rs 160 crore) through a mix of debt and equity. Australia, which is an approximately 2 million tonnes per annum of expanding TAN market, will offer immense growth potential to Platinum Blasting.
Platinum plans to develop a full service offering including technical ammonium nitrate supplies; storage and logistics; manufacturing of emulsion; blast design and technical support; and down-the-hole services.