Zuari Industries gains on JV acquiring 30% stake in Fospac

02 Jan 2012

Zuari Industries is currently trading at Rs. 459.75, up by 7.60 points or 1.68% from its previous closing of Rs. 452.15 on the BSE.

The scrip opened at Rs. 463.00 and has touched a high and low of Rs. 463.00 and Rs. 455.00 respectively.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 738.00 on 05-Jan-2011 and a 52 week low of Rs. 440.00 on 30-Dec-2011.

Last one week high and low of the scrip stood at Rs. 479.00 and Rs. 440.00 respectively. The current market cap of the company is Rs. 1,353.00 crore.

The promoters holding in the company stood at 34.37% while Institutions and Non-Institutions held 28.83% and 36.79% respectively.

Zuari Industries joint venture (JV) - MCA Phosphates, has acquired 30% stake of Fosfatos del Pacifico S.A., Peru (Fospac), a company listed in the Lima Stock Exchange, Peru, for $46.12 million. Mitsubishi Corporation, a joint venture partner has signed off-take agreement with Fospac, for entire production of phosphate rock. The company has back-to-back off-take agreement with Mistubishi Corporation for 50% of the Fospac production per annum phosphate rock.

The Fospac project has estimated mineralized materials of approximately 540 metric tons of phosphate rock with an average P2O content of 18.5% before beneficiation. It is located in Bayovar area in the province of Pieura, Peru and is expected to have an initial production capacity of 2.5 million metric tons.

MCA Phosphates is a 70:30 joint venture established in Singapore, wherein, Mitsubishi Corporation owns 70% stake and Zuari Industries owns 30% stake in the said JV.

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.

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