Zuari Industries has received an approval for setting up of a joint venture company (JVC) in Singapore with Mitsubishi Corporation, Japan for the purpose of investments in rock phosphate assets. The board at its meeting held on December 19, 2011 has approved for the same.
Zuari Industries will have a 30% stake in the JVC and an investment by way of equity of up to $20 million by the company in the JVC has been approved.
Zuari Industries, part of the K K Birla Group, was incorporated as Zuari Agro Chemicals to manufacture urea and complex fertilizers. The company forayed into various business areas such as cement, furniture, hybrid seeds, engineering consultancy, financial services, and oil tanking through a route of subsidiaries and joint ventures.