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NEW DELHI: Coromandel Fertilisers Ltd and Gujarat State Fertiliser Corporation have entered into an agreement with the Tunisian company, Groupe Chimique Tunisien, for a phosphoric acid unit.

The proposed joint venture company will set up a phosphoric acid manufacturing plant of a 3,50,000-tonne capacity at Laskhra in Tunisia with an investment of $180 million.

"The plant will start its production by 2008 and both GSFC and CFL will get equal supplies from the plant," Coromandel Fertilisers Ltd's Chairman, Mr A. Vellayan, told presspersons here. "Of the total requirement for the project to set up the new plant, 40 per cent will be in equity and the rest will be in debt mainly to be raised through loans from banks in Tunisia," Mr Kais Daly, CMD, Groupe Chimique, said.

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