Financial Daily from THE HINDU group of publications
Saturday, Jun 18, 2005
Financial Daily from THE HINDU group of publications Saturday, Jun 18, 2005 |
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Corporate
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Announcements Indian Potash to tap Lankan market Our Bureau
Chennai , June 17 INDIAN Potash Ltd will soon float a subsidiary in Sri Lanka to tap the fertiliser market there. In the long term, it plans to exploit other markets in the region, according to the company's Managing Director, Mr P.S. Gahlaut. Addressing reporters on Thursday on the eve of its Golden Jubilee celebrations, Mr Gahlaut said the company would use its expertise in import and trade of fertilisers to reach the market in neighbouring Sri Lanka. It had initiated the paper work to float the subsidiary and awaited the Lankan Government's approval. It hoped to tap, through the subsidiary, markets in SAARC countries as well, he said. Also, Indian Potash was investing over Rs 50 crore in the ports in Chennai, Tuticorin and Mundra to strengthen its fertiliser handling and storage facilities. The company's turnover in 2004-05 was Rs 3,288 crore when it handled over 37.12 lakh tonnes of fertilisers. In the current year, its turnover was expected to exceed Rs 4,000 crore, he said.Indian Potash was floated as a joint stock company to import and distribute Muriate of Potash.
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