CHENNAI: Coromandel Chemicals Limited, a wholly-owned subsidiary of Coromandel International Limited, has signed definitive agreements to form a joint venture with Sakarni Plaster for the manufacture and sale of Phospho Gypsum-based Green Building Materials.
This JV enables Coromandel to diversify beyond its core agri-inputs business, enhance integration synergies and create long-term value. For Sakarni, the alliance facilitates expansion of its product portfolio, market diversification and reinforces its leadership in the gypsum plaster industry.
Aligned with the circular economy initiative of the Government of India, this venture is India’s first large-scale initiative to promote sustainable Green Building Products. The joint venture aims to capitalise on the rapidly expanding gypsum plaster market, driven by a growing construction sector, the rising need for affordable housing and demand for eco-friendly, durable building materials. Phospho Gypsum products have a significantly lower carbon footprint compared to natural gypsum by avoiding mining activity, reducing environmental load and contributing positively towards waste to wealth goals under the Circular Economy framework.
The manufacturing facility will be established by the joint venture in Visakhapatnam, adjacent to Coromandel’s fertilizer plant, ensuring reliable feedstock availability through gypsum generated as a by-product from fertilizer operations.
S Sankarasubramanian, MD-CEO of Coromandel International, said: "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.”