Chennai, Mar 22 (UNI) The Coromandel International Limited today
announced its entry into Specialty and Industrial Chemicals, foray
into CDMO and expansion in Crop Protection Chemicals.
The Board in its meeting held here approved the company’s plan to
expand its operations in Crop Protection Chemicals and foray into the
Contract Development & Manufacturing Organisation (CDMO) business.
The Board also approved the plan to diversify into new growth areas
namely Speciality and Industrial Chemicals.
This is in line with the company’s strategy to establish a sizeable presence
in the Crop Protection Chemicals business and leverage its deep technical
capabilities and best in class infrastructure to enter into adjacencies like
CDMO, Speciality and Industrial Chemicals, a company release said.
Company Executive Vice-Chairman Arun Alagappan said “Coromandel’s
current capabilities in Crop Protection Chemicals offers a strong starting
position and flexibility for play in Speciality and Industrial Chemicals."
"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", he said.
Entry into CDMO business is a strategic portfolio choice where Coromandel
can leverage its expertise in handling complex chemistries at commercial
scale and strong development capabilities across various chemistries, he
said.
"Scaling up our Crop Protection Chemicals business will significantly help
leverage the growth opportunities in India and the global markets", he
said, adding, 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.”
UNI GV 2300