The Abraaj Group, a leading investor operating in global growth markets, has acquired a minority stake in Indorama Fertilizers B.V, the largest urea fertilizer manufacturer in Sub-Saharan Africa, through its Funds. The stake was purchased from Indorama Holdings B.V. Netherlands, a wholly owned subsidiary of Indorama Corp. (Indorama), one of the world’s fastest growing petrochemical companies with operations in Asia, Africa, Europe and North America.
Indorama Fertilizers operates a 1.4 million tpy urea manufacturing facility based in Port Harcourt, Nigeria. The plant has been developed to global environmental, social and construction standards. It plays a key role in supporting the agricultural sector in Nigeria by providing a reliable supply of fertilizers for local farmers, thereby enabling import substitution and supporting the diversification needs of the Nigerian economy. Indorama Fertilizers’ location also enables it to serve neighboring West African countries and key Western hemisphere markets, including North America, South America and Europe.
Abraaj, which has been investing in Africa for the past two decades, will use its expertise and networks to support Indorama Fertilizer’s market penetration and future expansion plans, as well as help ensure best-in-class corporate governance.
Arif Naqvi, Founder and Group Chief Executive of The Abraaj Group, commented: “This is a landmark transaction for Abraaj in Sub-Saharan Africa. We are privileged to be partnering with Indorama Corp. to create a global fertilizer leader in Africa. Since establishment, Indorama Fertilizers has led the local market in an industry characterised by high levels of demand and insufficient supply of quality fertilizer in the region. Having successfully invested in the fertilizer business in North Africa, we look forward to leveraging that know-how and working with the management team in developing the company’s route-to-market infrastructure, build its network and support its capacity expansion and product diversification plans in the region.”
Sri Prakash Lohia, Founder and Group Chairman, Indorama Corp., said: “We are pleased to welcome The Abraaj Group as an investor in our fertilizer business as we endeavor to create a world-class manufacturing and distribution network for fertilizers in the African continent, to meet the needs of underserved farmers and help propel the growth of the agricultural sector even further.”?
Read the article online at: https://www.worldfertilizer.com/nitrogen/14102016/the-abraaj-group-acquires-stake-in-indorama-fertilizers/
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