Chennai, July 24 -- Fertiliser major Coromandel International Ltd today said its 100 per cent subsidiary Coromandel Chemicals Ltd (CCL) will increase its stakes in the Senegal-based Baobab Mining and Chemicals Corporation (BMCC) by 17.69 per cent to 71.51 per cent for $7.70 million.
The proposed investment is likely to be completed by CCL during the second and third quarter of FY 2025-26 and is subject to receipt of approval of the Government of Senegal and satisfactory completion of conditions precedent as contained in the definitive agreements entered into by CCL, Coromandel International said.
The BMCC is engaged in the business of mining and production of rock phosphate, one of the key raw materials used in the manufacturing of phosph...