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Our Bureau

Hyderabad , April 5

GODAVARI Fertilizers and Chemicals Ltd (GFCL) has informed the bourses that the company has appointed Mr P. Varadarajan as Company Secretary. The company also stated that it has co-opted Mr. N Santosh Reddy as Additional Director on the board.

On the other hand, Coromandel Fertilisers Ltd (CFL) has sold 16 lakh equity shares constituting 5 per cent of the paid-up capital of GFCL to Groupe Chimique Tunisia (GCT) on March 29. With this, the aggregate number of shares held by CFL in GFCL has come down to 1.44-crore representing 45.07 per cent of the paid-up capital of the company. Consequently, GFCL had ceased to be a subsidiary of CFL.

The CFL Chief Financial Officer, Mr Nagarajan, told Business Line that the company was sourcing phosphoric acid, a major raw material required by the industry, from GCT for a long time. Hence, CFL has entered into a strategic tie-up with GCT by selling 5 per cent of its stake in GFCL to the Tunisian company.

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