Indian Tata Chemicals to acquire stake in Indo Maroc Phosphore SA

Indian KK Birla and Moroccan Office Cherifien des Phosphates (OCP) have agreed to induct Indian Tata Chemicals Ltd (TCL), as a third partner in the joint venture IMACID by disinvesting one third of their holding to the Indian company "Tata Chemicals Ltd" (TCL).

"Tata Chemicals Ltd" (TCL) acquired stake in the Moroccan-Indian company IMACID (Indo Maroc Phosphore SA) under an agreement signed Wednesday in New Delhi, OCP said in a release.

IMACID, a joint venture between OCP and KK Birla, started production in 1999 and produced 3.73 lakh tonne of phosphoric acid in 2004. It had posted a turnover of USD 144 million last year.

The release notes that IMACID governing board convened Wednesday in the Indian capital under the chairmanship of OCP CEO, Mourad Chérif, with the governing boards of TCL and Chambal Fertilizers and Chemicals, an offshoot of KK Birla.

TCL, among the largest Indian operators in the chemicals industry in the local market, posts an annual turnover of about USD 15 billion.

The new agreement will allow OCP to reinforce its presence in India and secure a major part of its phosphoric acid exports to India, commented the release, noting that this move will also contribute to developing Morocco-India economic relations.