Zuari to pump in Rs 100cr in PPL

VEESHAL BAKSHI

NEW DELHI, FEBRUARY 17: Zuari Maroc Phosphates, the 51:49 joint venture of KK Birla group and Maroc Phosphore of Morocco, which was declared successful bidder for government’s 74 per cent stake in Paradeep Phosphates Limited last week, is targeting a turnaround of the loss-making company within three years. It will also invest about Rs 100 crore in balancing and upgrading the existing plant and machinery.

With the acquisition of PPL, Zuari-Chambal has set its sights on producing two million tons of fertiliser per annum, which will give it one-third market share of the total phosphatic fertiliser market in the country. “Our immediate aim is to run the PPL plant efficiently, improve reliability and achieve maximum capacity utilisation,” Zuari Industries managing director HS Bawa said. Zuari Maroc and government are expected to complete the Rs 151.70 acquisition transaction within 10 days.

Bawa said another immediate task is to improve the morale of the employees of Paradeep Phosphates (PPL). “Paradeep employees are now part of the largest fertiliser group in phosphatic fertiliser segment in India. We want to make sure that the employee morale and confidence improves.”