Gujarat State Fertilizers - Incorporation of a Joint Venture Company in Tunisia for Production of Phosphoric Acid

Gujarat State Fertilizers & Chemicals Ltd has announced that a Joint Venture Company by name "Tunisian Indian Fertilizers S.A." (TIFERT) has been incorporated in Tunisia with M/s. Groupe Chimique Tunisien (GCT), M/s. Compagnie des Phosphates de Gafsa (CPG), both Tunisian Companies, M/s. Coromandel Fertilisers Ltd (CFL) and the Company, both Indian Companies, as its major shareholders.

TIFERT is a Joint Venture Company to produce 3,60,000 MTs Phosphoric Acid per annum with 70% shareholding with GCT / CPG, 15% with the Company and 15% with CFL. The Company will be purchasing 50% of the above production, which will help to run its Sikka Plant at full capacity to produce 10 lacs MTs per annum of DAP fertilizer.

In the Constitutive General Assembly meeting held on September 26, 2006, Mr. A K Luke, IAS, Managing Director, the Company was inducted as a member of the Board of Directors of this new Company.

Source : Equity Bulls

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