Coromandel International Limited, India’s leading Agro solutions provider, in its Board meeting held on Wednesday approved the company’s plan to expand its operations in Crop Protection Chemicals and foray into Contract Development & Manufacturing Organisation (CDMO) business. The Board further approved the plan to diversify into new growth areas namely Speciality and Industrial Chemicals.
Arun Alagappan, Executive Vice Chairman, Coromandel International Limited, said,
“With India’s high import dependency in the specialty chemicals, global supply chain diversification trends and strong policy push by the Government, these businesses offer significant growth prospects in addition to supporting the Atmanirbhar Bharat vision of the nation.
Scaling up our Crop Protection Chemicals business will significantly help leverage the growth opportunities in India and the global markets. The company plans to set up new Multi Product Plants in two of its manufacturing locations apart from purchase of additional land for future expansions.
Coromandel plans to invest Rs. 1,000 crores over the next two years in the above businesses and leverage the macro tailwinds in the Chemicals sector to build a business of scale.”