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Wednesday, February 6, 2008

Deepak Fertilisers, Norway's Yara plan JV for ammonium nitrate

MUMBAI: Deepak Fertilisers and Petrochemicals Corporation has entered into heads of agreement with Yara International ASA for a joint venture to produce and market ammonium nitrate and speciality fertilisers in India.

Deepak Fertilisers will hold 51 per cent stake in the venture, and the balance held by Yara International, which is a $14 billion Norway-based global leader in ammonia, speciality and bulk fertilizers and ammonium nitrate, industrial gases and other diversified chemical and pollution control products.

The heads of agreement will be converted into a final agreement after a due diligence and the necessary company and regulatory approvals.

The JV's objective is to bring value addition and deeper knowledge, leading to better market economics for Indian customers. The JV will review opportunities for production, marketing and import of speciality fertilisers in Maharashtra and Gujarat. The new company will also invest in the 3,00,000 MT per annum of ammonia nitrate plant under construction at Paradip in Orissa.

At 2:36 pm, Deepak Fertilisers shares were up 19.97 per cent at Rs 141.20 on BSE.

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