Coromandel eyes stake in South African company

Coromandel Fertilisers is now considering acquiring a strategic stake in the South African company Foskors Ltd.

This is the same company to which it had earlier divested five percent stake in its other acquisition "" Godavari Fertilisers.

Foskors is one of the two largest suppliers of phosphatic raw materials in the world and spells a crucial backward synergy for Coromandel and Godavari.

Coromandel has been got an invitation from Industrial Development Corporation of South Africa for participation in the proposed sale of the strategic stake in Foskors.

In response to this Coromandel has submitted its expression of interest.

"We are to examine the actual offer," P Nagarajan, chief financial officer, Coromandel, explained, unable to divulge the size of stake on offer.