Coromandel International's subsidiary forms joint venture with Sakarni Plaster

Chennai, May 13 (PTI) Coromandel Chemicals Ltd, a wholly owned subsidiary of Coromandel International Ltd, formed a joint venture with Sakarni Plaster India Pvt Ltd for the manufacturing and sale of Phospho Gypsum-based green building materials, a top official said.
    The joint venture will enable Coromandel International to diversify beyond its agri-inputs business, enhance integration synergies, and create long-term value. For Sakarni Plaster, the alliance facilitates the expansion of its product portfolio, market diversification, and reinforces its leadership in the gypsum plaster industry.
    Delhi-headquartered Sakarni Plaster is a manufacturer, exporter, and supplier of Plaster of Paris, wall putty, and building exterior and interior renovation products.
    Following the joint venture, a state-of-the-art manufacturing facility will be established in Visakhapatnam, adjacent to the fertilizer plant of Coromandel International Ltd, ensuring feedstock availability, the company said in a statement on Tuesday.
    "The joint venture represents a strategic move for Coromandel in advancing our sustainability and circular economy goals. By creating value from industrial by-products and diversifying into green construction materials, we are leveraging adjacent synergies to unlock new growth avenues," said Coromandel International Ltd Managing Director and CEO S Sankarasubramanian.
    "By combining Coromandel's manufacturing strength with Sakarni's market leadership, we aim to deliver high-quality, eco-friendly gypsum solutions that meet the evolving needs of India's housing and infrastructure sectors," he added.
    The joint venture also complements the Government of India's push towards self-reliance in raw materials and responsible waste management, as outlined in the Department for Promotion of Industry and Internal Trade (DPIIT)’s circular economy roadmap, the statement said.

(This story has not been edited by THE WEEK and is auto-generated from PTI)