Morocco's phosphates group invests in India

Morocco's phosphates corporation (OCP/state-owned) announced it has purchased 74 percent of shares at the Indian Paradeep LTD (PPL).

The operation was made through Zuari Maroc Phosphates, a firm set up in India by OCP and Indian K.K Birla Group.

The move will allow OCP to sell 800,000 tons of phosphates and 200,000 tons of phosphoric acid annually in India, the group said in a release.

PPL runs a plant in Eastern India with a production capacity of 1 million tons.

OCP and K.K Birla are bound by a partnership accord, whereby they hold equal shares in IMACID, a plant in Jorf Lasfar port, 220 km south of Rabat.

OCP is the world leading phosphates group with an annual output of 23 millions, half of which is converted into phosphoric acid, purified acid and fertilizers.