Financial Daily from THE HINDU group of publications
Saturday, Oct 18, 2003
Financial Daily from THE HINDU group of publications Saturday, Oct 18, 2003 |
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Corporate
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Alliances & Joint Ventures Coromandel, S. African co sign pact for raw material supply Our Bureau
Hyderabad , Oct. 17 COROMANDEL Fertilisers on Friday signed a memorandum of understanding with the South Africa-based Foskar Ltd for supply of raw material and also for transferring of 5 per cent shares in Godavari Fertilisers and Chemicals Ltd (GFCL). Under the MoU, which was signed in the presence of Mr Thabo Mbeki, the President of South Africa, here, the South African company would supply two lakh tonnes of phosphoric acid every year, meeting 50 per cent of GFCL's requirements. However, Mr A. Velayan, Chairman of Godavari Fertilisers and Chemicals Ltd, said the details of the deal have yet to be worked out. Foskar Ltd had unsuccessfully bid for the Andhra Pradesh Government stake of 25.88 per cent equity in the GFCL, which was finally picked up by Coromandel Fertilisers at a price of Rs 124 per share totalling Rs 102.67 crore.
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