| ||Updates on Investment in Joint Venture Company in Singapore | 12/30/2011 3:25:22 PM|| |
| ||With reference to the earlier announcement dated December 19, 2011 regarding investment in Joint Venture in Singapore, Zuari Industries Ltd has now informed BSE that MCA Phosphates Pte. Ltd. was established in Singapore, wherein, Mitsubishi Corporation, a Company listed in the Tokyo Stock Exchange, owns 70% stake and Zuari Industries Limited, a Company incorporated in India and listed in the Stock Exchanges, owns 30% stake in the said Joint Venture.|
The MCA Phosphates Pte. Ltd., has acquired 30% stake of Fosfatos del Pacifico S.A., Peru (Fospac), a Company listed in the Lima Stock Exchange, Peru, for USD 46.12 million.
The Fospac Project has estimated mineralized materials of approx. 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. Mitsubishi Corporation, a Joint Venture partner has signed Off-Take Agreement with Fosfatos, 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.