Indian company sells stake in Jordanian acid plants

25 March 2010

Jordan Phosphate Mines Company buys 52.17 per cent stake for more than $50m

Jordan Phosphate Mines Company (JPMC) has bought out the remaining 52.17 per cent stake in India’s Southern Petrochemicals Industries Corporation (SPIC) previously held by its former partner int he company, Indo-Jordan Chemicals Company (IJCC) from its principal partner in the joint venture, .

In a statement released on the Indian bourse website, SPIC said JPMC paid a total of $50.6m for the stake in the chemicals plant.  

IJCC produces around 250,000 tonnes-a-year (t/y) of phosphoric acid and 730,000-t/y of sulphuric acid from two plants in Jordan.

The deal leaves JPMC with an 87 per cent stake in the company with Arab Investment Company of Saudi Arabia owning the remaining 13 per cent.

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