Israel Chemicals to expand Indian production

The fertilizer producer's joint venture Zuari Rotem Speciality Fertilisers will build two more factories in India

Israel Chemicals Ltd. (TASE: ICL) Indian joint venture Zuari Rotem Speciality Fertilisers Ltd. will build two more production plants for water soluble complex fertilizers in northern and eastern India. Israel Chemicals and its partner Zuari Industries Ltd. (BSE: 878249), which own the venture in equal shares, want to capitalize on the success of the first factory and rising demand for specialty fertilizers

Zuari Rotem was founded in 2007 and began operations at its plant in Baramati, Maharashtra State, in March 2010. The plant produces 32,000 tons of soluble complex fertilizers a year, which Zuari Industries markets nationwide. Indian demand for soluble complex fertilizers is growing rapidly as the country's agriculture modernizes. The two new production facilities will give Zuari Rotem greater flexibility and faster access to India's modern farmer customers.

Israel Chemicals' share price fell 3.8% by mid-afternoon to NIS 46.90, giving a market cap of NIS 61 billion.

Published by Globes [online], Israel business news - - on August 21, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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