Latest news with #Sakarni
&w=3840&q=100)
Business Standard
14-05-2025
- Business
- Business Standard
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.
Hans India
14-05-2025
- Business
- Hans India
Coromandel Chemicals Enters Joint Venture with Sakarni Plaster for Phospho Gypsum-Based Green Building Materials
Coromandel Chemicals Limited, a wholly-owned subsidiary of Coromandel International Limited, has signed definitive agreements to form a joint venture with Sakarni Plaster for the manufacture and sale of Phospho Gypsum-based Green Building Materials. 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. Aligned with the Circular Economy initiative of the Government of India, this venture is India's first large-scale initiative to promote sustainable Green Building Products. The joint venture aims to capitalize on the rapidly expanding gypsum plaster market, driven by a growing construction sector, the rising need for affordable housing and demand for eco-friendly, durable building materials. Phospho Gypsum products have a significantly lower carbon footprint compared to natural gypsum by avoiding mining activity, reducing environmental load and contributing positively towards waste to wealth goals under Circular Economy framework. The Joint Venture also complements the Government of India's push towards import substitution, self-reliance in raw materials and responsible waste management as articulated under the DPIIT's circular economy roadmap. The state-of-the-art manufacturing facility will be established by the Joint Venture in Visakhapatnam, adjacent to Coromandel's fertilizer plant, ensuring reliable feedstock availability through gypsum generated as a by-product from fertilizer operations. S Sankarasubramanian, Managing Director and CEO of Coromandel International Limited, stated: "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.'
