Coromandel Fertilisers, flagship company of the Murugappa Group and a leading fertilizer company, has been renamed Coromandel International Limited at a function here on Friday when its new corporate brand identity was revealed.
After unveiling the new logo and brand vision reflecting the company’s changed persona, company Chairman A. Vellayan told media persons that this exercise was a step to transform the business into a diversified agri-solution and rural marketing company with global ambitions.
Disclosing company’s plans for the future, he said their endeavour was to step up fertilizer production from 29 lakh tonnes to 40 lakh tonnes and increase the turnover from Rs. 6,300 crore to Rs. 10,000 crore in the next few years. To achieve this, they would consolidate raw material supply and strive to become a one-stop solution for Indian farmers for providing customised fertilizers, pesticides and farm mechanisation services.
They were also considering food output business and would procure pulses, spices and foodgrains directly from farmers and with value addition sell them through the company’s retail outlets. The company already opened 430 retail stores.
In line with its expansion plans, the Visakhapatnam fertilizer plant would be modernised and the unit at Kakinada expanded to increase production of water soluble fertilizer by about 15,000 tonnes. Mr. Vellayan said in the company’s new expansion plans costing Rs. 1,100 crore, priority would be given to phosphate and ammonia plants as joint ventures and funds raised from internal resources, including a land bank worth Rs. 350 crore.
V. Ravichandran, Managing Director, said the company’s strategy was also for increasing turnover in pesticides (organic and inorganic) segment from Rs. 350 crore to Rs. 1,500 crore.
The speciality nutrient division that manufactures and markets speciality nutrients such as zinc, boron, water soluble fertilizers and organic compost with Rs. 200-crore turnover would be scaled up significantly, he said.
For organic compost, a plant with about 14,000 tonnes capacity near Visakhapatnam was proposed for handling municipal compost, he said.
