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Zuari Agro Chemicals to invest $950 MN in Ras Al Khaimah Plant

16 May 2014

INDIA - Goa based fertiliser company, Zuari Agro Chemicals, part of $3 billion Adventz Group will be investing $950mn for building an integrated diammonium phosphate (DAP) facility in Ras Al Khaimah Maritime City.

Zuari will be setting up an integrated DAP facility along with its attendant utilities to include a power plant, private jetty and desalination plant.

The DAP plant will be a single stream granulation plant with a capacity of producing 1 million tonnes per annum.

Alpen Capital, one of the leading investment banks in the region is the financial advisor for the project, which will come up on an area of over 400 acres in the free zone of RAK Maritime City.

Since 2012, various aspects of the project has been finalised and Aspen Capital is keen on building value to their existing GCC-India expertise, Rohit Walia, executive chairman of Aspen Capital said.

The company had signed a memorandum of understanding with Ras Al Khaimah in November 2012 for setting up set up an integrated Diammonium Phosphate (DAP) manufacturing facility in the UAE with an investment of $800 million, which has now shot up to $950 million.

“We actively encourage businesses from around the world to explore Ras Al Khaimah as their home in the region and their gateway to global markets,” Sheikh Saud Bin Saqr Al Qasimi, ruler of Ras Al Khaimah, said.

Suresh Krishnan, Managing Director, Zuari Agro Chemicals Limited while signing at the MoU said "The project, besides further consolidating Zuari's position in the fertilizer sector will indeed go a long way in helping it to actively participate and grow in other global fertilizer markets."

In 2010-11, Zuari Agro Chemicals recorded the highest ever sales of 2.21 million metric tonnes of fertilizer of which over one million metric tonnes were traded fertilisers.

With an annual installed capacity of 946,000 tonnes of fertilisers, the company’s entire manufacturing facility comprises four separate plants, namely ammonia, urea, NPK A and NPK B. The plants employ the latest in pipe-reactor technology and are based on the slurry granulation process.

The company has over 2,000 dealers and 5,000 sub dealers that market various brands of fertilizer and other agri-inputs.

In December 2011, the company formed a joint venture company, MCA Phosphates Pte Ltd, with Mitsubishi Corporation, Japan for the for the purpose of investments in rock phosphate assets.
Since then MCA Phosphates Pte Ltd has acquired 30 per cent stake in Fosfatos del Pacifico (Fospac), of Peru for a consideration of $46.12 million.

 

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