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Tunisian Indian Fertilisers (TIFERT), a joint venture of Coromandel International and Gujarat State Fertilisers and Chemicals Ltd (GSFC) with two state-owned units in Tunisia, has started production at its plant at Skhira, Coromandel said in a statement.
The Plant which was inaugurated on Friday will consume around 1.4 million tonnes of Tunisian phosphate rock per year, producing 3.6 lakh tonnes of phosphoric acid annually, it said.
Tunisia's Groupe Chimique Tunisien (GCT) and Compagnie Des Phosphat De Gafsa (CPG), the entities belonging to Tunisian government own majority state in the company.
The first shipment is expected to reach Coromandel's facility in Kakinada, Andhra Pradesh by this month-end, it said.
Coromandel International has made a strategic investment in TIFERT aimed at securing uninterrupted supply of phosphoric acid for the company's operations. The Company and GSFC have entered into an agreement with TIFERT to import the entire production of phosphoric acid at the Skhira plant on a long- term basis.
CIL and GSFC hold 15% state each in this USD 498 million project with balance 70% being held by GCT and CPG.
The Plant which was scheduled to be commissioned in 2011 was delayed due to some internal developments in Tunisia. However, the project is now operational and running near to its full capacity, it said.
Kapil Mehan, Managing Director of Coromandel said India would get much needed Phosphatic fertilisers to further improve its food security and the project will go a long way to ensure smooth functioning of the company's recently commissioned fertiliser Plant (C Train) in Kakinada.
CIL shares were quoting at Rs 179.95 on the BSE during afternoon trade.
