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Coromandel, Sakarni Plaster ink deal to make green gypsum at Vizag facility
Coromandel Chemicals Limited — a wholly-owned subsidiary of Coromandel International — has entered into a joint venture with Sakarni Plaster to manufacture and market green building materials based on phospho gypsum.
"This joint venture enables Coromandel to diversify beyond its core agri-inputs business, enhance integration synergies and create long-term value. For Sakarni, the alliance facilitates expansion of its product portfolio, market diversification and reinforces its leadership in the gypsum plaster industry," the company said in a statement.
Positioned as India's first major initiative to promote sustainable building materials under the government of India's Circular Economy mission, the venture seeks to tap into the surging demand for gypsum plaster. This demand is being driven by the construction boom, increasing need for low-cost housing, and a shift toward environmentally sustainable and durable building solutions.
Unlike natural gypsum, Phospho Gypsum avoids mining and supports eco-friendly practices, thus reducing carbon emissions and contributing to the circular economy's waste-to-wealth objectives, the press release said.
S Sankarasubramanian, managing director and CEO of Coromandel International Limited, said, "The joint venture represents a strategic move for Coromandel in advancing our sustainability and circular economy goals. By creating value from industrial by-products and diversifying into green construction materials, we are leveraging adjacent synergies to unlock new growth avenues."
"This collaboration also aligns with the Government's Atmanirbhar Bharat vision by promoting local manufacturing, reducing import dependence, and supporting environmentally responsible alternatives. By combining Coromandel's manufacturing strength with Sakarni's market leadership, we aim to deliver high-quality, eco-friendly gypsum solutions that meet the evolving needs of India's housing and infrastructure sectors," Sankarasubramanian added.
Manufacturing hub in Visakhapatnam
The manufacturing unit will be set up in Visakhapatnam, next to Coromandel's fertiliser plant, ensuring consistent feedstock through the by-product gypsum generated from fertiliser production.
The move is in line with the Indian government's circular economy roadmap under the Department for Promotion of Industry and Internal Trade (DPIIT), which emphasises waste-to-wealth initiatives, import substitution, and responsible resource management.
Coromandel International Ltd joins MSCI Global Standard Index
In its latest semi-annual review, global index provider MSCI has added Coromandel International Ltd. to its MSCI Global Standard Index. The inclusion is expected to attract passive inflows of approximately $227 million.
Following the announcement, Coromandel's share price has surged nearly 30 per cent, significantly outperforming the benchmark Nifty50 index, which gained only 4 per cent during the same period.
Additionally, Coromandel International has also been included in the MSCI India Domestic Index as part of changes to other Indian indices.
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