The fertilizer firm announced the project initiation for setting up a new 1650 metric tonnes per day design capacity sulphuric acid plant at its fertiliser complex in Visakhapatnam at a cost of Rs 400 crore.
Coromandel International said the new sulphuric acid plant is being built on par with globally best technology standards to control emissions. The steam generated from the process shall also be used for captive power generation.The company has also signed technology partnership agreements with MECS (Monsanto Enviro-Chem Systems) and TKIS (ThyssenKrupp Industrial Solutions).
The new sulphuric acid plant will increase the sulphuric acid production capacity by 5 lakh metric tonnes per annum from the current level of 6 lakh metric tonnes per annum, thereby resulting in a combined capacity of 11 lakh metric tonnes.
The investment is in line with Coromandel's long term objectives to secure key raw materials for its fertiliser production. The 1650 TPD sulphuric acid plant project will be setup within Coromandel's existing Visakhapatnam plant premises.
The Visakhapatnam manufacturing unit of Coromandel has a production capacity of 1.3 million tonnes per annum complex fertilisers and a captive phosphoric acid production capacity of close to 4 lakh tonnes per annum.
The new Sulphuric acid plant at Vizag will reduce the import dependence considerably and ensure sustainable production of Phosphoric acid, one of the key raw materials for phosphatic fertiliser manufacturing.
Commenting on the setup of new sulphuric acid plant, Arun Alagappan said, "India is a net importer of sulphuric acid, and the 3rd largest importer globally, accounting for close to 20 Lakh Metric Tonnes of imports. In line with the Atmanirbhar Bharat vision of our honourable Prime Minister for import substitution and promotion of local manufacturing, Coromandel has announced the setting up of a new 1650 TPD sulphuric acid plant at Visakhapatnam. Considering the essential nature of fertilisers, this investment will improve the self-sufficiency and availability of phosphatic fertiliser in the country. I would like to thank the leadership team of MECS and TKIS for being with us here today for the event. This project is an important one for all of us involved and will play an important role in reducing the sulphuric acid imports into our country."
On a consolidated basis, net profit of Coromandel International declined 11.82% to Rs 519.31 crore on 33.32% rise in net sales to Rs 6147.53 crore in Q2 September 2021 over Q2 September 2020.
Coromandel International is amongst India's pioneers and leading agri solutions provider, offering diverse products and services across the farming value chain. It operates in two major segments: Nutrient and other allied businesses and crop protection. These include fertiliser, crop protection, bio pesticides, specialty nutrients and organic compost businesses.
Shares of Coromandel International were up 0.87% at Rs 802 on the BSE.
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