Coromandel International Ltd, which is into fertilisers and crop protection chemicals businesses, on Wednesday said it will diversify into speciality and industrial chemicals.
Coromandel International is in the business of fertilisers, crop protection chemicals, bio-products, speciality nutrients, organic fertilisers and retail.
At 2 pm, the stock was quoting at Rs 887.5 on the NSE, higher by 2.37 percent. Trading volumes were over 2.5 times the 20-day average volumes.
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In a statement, the company said that its Board approved a plan to expand its operations in crop protection chemicals and foray into Contract Development & Manufacturing Organisation (CDMO) business.
The Board also approved the plan to diversify into new growth areas, namely speciality and industrial chemicals.
"This is in line with the company's strategy to establish a sizeable presence in the crop protection chemicals business and leverage its deep technical capabilities and best-in-class infrastructure to enter into adjacencies like CDMO, speciality and industrial Chemicals," it added.
The Indian market for CDMO is projected to reach $22.7 billion by 2025 growing at a compounded rate of 12 percent. India’s CDMO market is about 8 percent of the global CDMO market by value.
Meanwhile, India’s specialty chemical market is set to touch $60 billion by 2027 growing at a rate of 11.5 percent.
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