Coromandel plans to invest Rs 1,500 cr on expansion

HYDERABAD: Coromandel Fertilisers, the flagship company of Chennai-based Murugappa Group, plans to invest Rs 1,500 cr over the next two years to transform it into a diversified agri-solution and rural marketing company.

Besides, increasing its fertiliser production, the company is planning a couple of acquisitions for expanding the pesticides business.

Company's Chairman A Vellayan told reporters here that the company was planning to increase its fertiliser production at its Kakinada plant in Andhra Pradesh, from 2.9 million tonnes per annum to four million tonnes.

The pesticides business is relatively small at present with revenues of about Rs 350 crore and the company was looking for a couple of acquisitions, Vellayan said.

He said that the company is planning to expand its pesticides business through both organic and inorganic routes and targeted an investment of Rs 600 crore to Rs 700 crore for that.

Yesterday, Coromandel Fertilisers announced that it has changed its name to 'Coromandel International Ltd'.