Corporate Development     

Published: May 15, 2024
Updated: May 15, 2024

Coromandel International

Hikes share in tech-smart Ecozen

Coromandel International Limited (CIL,) India’s leading listed agri-solutions company, has announced increasing its investment in Ecozen, a pioneering climate-smart technology solutions provider. The Rs 24-crore investment was made through its wholly owned subsidiary and corporate venture capital arm, Dare Ventures Limited. With this, Coromandel has increased its shareholding in Ecozen to 5.54%, an increase of 3.13%.

Ecozen is known for its innovative and sustainable solutions such as the solarpowered irrigation (Ecotron) and cold chain (Ecofrost) systems that have positively impacted the lives of over 180,000 farmers in India. The company leverages advanced technologies, including Artificial Intelligence (AI), Internet of Things (IoT), and energy storage to boost agricultural incomes and also significantly reduce greenhouse gas emissions and food losses. Ecozen clocked a turnover of Rs 274 crore in FY23, quintupling its growth in the last three years and underscoring the increased consumer acceptance and demand for sustainable solutions. The company has set its sights on expanding its offerings and market presence in Africa and Southeast Asia to build climate-smart solutions for agriculture.

Jayashree Satagopan, President (Corporate) & CFO of CIL, stated, “The remarkable strides made by Ecozen, and its commitment to driving positive impact on the livelihoods of farmers, aligns with our vision of building a smart and sustainable future. Our increased shareholding in Ecozen reflects our confidence in the company’s ability to drive positive change and create long-term value for stakeholders.”

FARM FRIEND

Coromandel is a leading agri-solutions provider, offering diverse products and services across the farming value chain. It operates in two major segments: Nutrient and Other Allied Businesses, and Crop Protection. These include Fertiliser, Crop Protection, Bio Products, Speciality Nutrients and Organic businesses. The company is the second largest manufacturer and marketer of phosphatic fertiliser in India. Its Crop Protection products are marketed in India as well as in international geographies, offering a wide range of technical and formulation products. The Speciality Nutrients business focuses on the water-soluble fertilisers, and secondary & micronutrients segments.

The company is also a leading marketer of organic fertilisers in India. Its bio products business focuses on plant extractions for various applications. It also operates a network of around 750+ rural retail outlets across Andhra Pradesh, Telangana and Karnataka. Through these retail outlets, the company offers farming services, including crop advisory, soil testing and farm mechanization, to around 3 million farmers. The company has 18 manufacturing facilities producing a wide range of Nutrient and Crop Protection products, which are marketed through an extensive network of dealers and its own retail centres.

CIL clocked a turnover of Rs 22,290 crore during FY23-24. Its efforts towards the environment have been recognized by international organizations like UNDP and it has also been voted as one of the ten greenest companies in India by TERI. CIL is part of the 123- year-old Rs 742 billion Murugappa group.

July 15, 2024 - First Issue

Industry Review

VOL XV - 23
July 01-15, 2024

Formerly Fortune India Managing Editor Deven Malkan Assistant Editor A.K. Batha President Bhupendra Shah Circulation Executive Warren Sequeira Art Director Prakash S. Acharekar Graphic Designer Madhukar Thakur Investment Analysis CI Research Bureau Anvicon Research DD Research Bureau Manager (Special Projects) Bhagwan Bhosale Editorial Associates New Delhi Ranjana Arora Bureau Chief Kolkata Anirbahn Chawdhory Gujarat Pranav Brahmbhatt Bureau Cheif Mobile: 098251-49108 Bangalore Jaya Padmanabhan Bureau Chief Chennai S Gururajan Bureau Chief (Tamil Nadu) Ludhiana Ajitkumar Vijh Bhubaneshwar Braja Bandhu Behera

Want to Subscribe?


Lighter Vein

Popular Stories

E-Waste Dilemma Tackling E-Waste Via Reverse Logistics, By Vihaan Shah

A modern-day enigma and a ramification of humanity's never-ending advancements, e-waste refers to the scum con- cealed by the outward glow of ever-advancing technology.

Archives

About Us    Contact Us    Careers    Terms & Condition    Privacy Policy

Liability clause: The investment recommendations made here are based on the personal judgement of the authors concerned. We do not accept liability for any losses that might occur. All rights reserved. Reproduction in any manner, in whole or in part, in English or in any other language is prohibited.

Copyright © 1983-2024 Corporate India. All Rights Reserved.

www.corporateind.com | Cookie Policy | Disclaimer