Zuari Agro Chemicals Limited and Ras Al Khaimah (RAK) Maritime City today signed a Memorandum of Understanding (MOU) to set up an integrated Diammonium Phosphate (DAP) manufacturing facility in the UAE.
November 27, 2012 (Newswire) - Zuari Agro Chemicals Limited and Ras Al Khaimah (RAK) Maritime City today signed a Memorandum of Understanding (MOU) to set up an integrated Diammonium Phosphate (DAP) manufacturing facility in the UAE.
Zuari Agro Chemicals Limited, flagship of the USD 3 billion Adventz Group of companies, is a leading fertilizer conglomerate in India. With this project, the Company is expanding its manufacturing foothold outside of India. The new facility will be based at Ras Al Khaimah ('RAK') Maritime City which has a strong track record of promoting various economic sectors and attracting foreign direct investment into Ras Al Khaimah. Alpen Capital, one of the leading investment banks in the region was instrumental in bringing the two parties together and has been mandated as the financial advisor on this project.
The project includes setting up an integrated DAP facility along with its attendant utilities to include a power plant, private jetty and desalination plant, with an estimated project cost of USD 800 million. The facility is planned to be built over 400 acres of land in the free zone of RAK Maritime City. The DAP plant will be a single stream granulation plant with a capacity of producing 1 million tonnes of DAP per annum.
His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah , His Highness Sheikh Mohammed Bin Saud Bin Saqr Al Qasimi ,Crown Prince and Deputy Ruler of Ras Al Khaimah and His Highness Sheikh Ahmed bin Saqr Al Qassimi, Chairman of Ras Al Khaimah Ports and Customs Department attended the MOU signing ceremony in Ras Al Khaimah on November 18 along with officials of Zuari Agro Chemicals Limited, RAK Maritime City and Alpen Capital.
"We would like to welcome Zuari Agro Chemicals Limited as part of our commitment in attracting foreign direct investments; they are a well-known company with a solid track record in their field. They have made the right choice in choosing the UAE, in the Emirate of Ras Al Khaimah to expand their business", says Naser Bustami, Director of the Board of RAK Maritime City.
Suresh Krishnan, Managing Director, Zuari Agro Chemicals Limited says "Ras Al Khaimah today is a vibrant, international business destination and we welcome this opportunity to invest in its growth. We have been impressed by the professionalism displayed by the RAK Maritime Board and are delighted to partner it in this important venture. The project, besides further consolidating Zuari's position in the fertilizer sector and playing a key role in the Company's backward integration programme, will indeed go a long way in helping it to actively participate and grow in other global fertilizer markets. We are also confident that this investment will help focus Ras Al Khaimah as an important global manufacturing destination."
"This is a landmark transaction for Alpen Capital and we are proud to bring together Zuari Agro Chemicals and the RAK Maritime City free zone for this project. The GCC is emerging as an attractive investment destination for Indian businesses and we are seeing a lot of interest from our clientele in India. We have extensive expertise in managing cross border transactions between GCC and India and we are glad that this could add value to our clients." says Rohit Walia, Executive Vice Chairman & CEO, Alpen Capital Group
Alpen Capital (ME)Limited www.alpencapital.com
Regulated by the Dubai Financial Services Authority, Alpen Capital is a member of the Alpen Capital Group. Alpen Capital offers a full range of investment banking advisory services including Debt Advisory, Equity Advisory & Capital Markets and M & A Advisory. Apart from UAE, the Alpen Capital Group has offices in Oman, Qatar, Bahrain and India.
Zuari Agro Chemicals Limited:
Zuari Agro Chemicals Limited is a leading fertilizer conglomerate in India, in the business of manufacturing, trading and sales of a wide range of fertilizers and other agri-inputs. It is also one of the country's largest importers of these products . The Company along with several subsidiaries and joint ventures, produces high-quality complex fertilizers of various grades along with seeds, pesticides, micro nutrients, and specialty fertilizers; and has an extensive network of over3000 dealers, 5000 sub-dealers and over 20000 retail points across India to market various brands of fertilizer products and other agri-inputs. In 2011-12 Zuari recorded sales of over2.2 million tonnes.
RAK Maritime City - www.rakmaritimecity.ae
RAK Maritime City is the latest, and most advanced, maritime free zone to open in the United Arab Emirates. It combines the best in international port facilities with inherent business advantages for companies seeking cost efficient, secure, transparent and customized business. RAK Maritime City will be zoned into areas for specified use - retail, warehousing, general cargo handling, industrial production and manufacturing, tank storage and shipbuilding or repairs. Each will be able to incorporate companies as both FZE and FZC entities, hence making it a preferred maritime freezone in the region.
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