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29 March 2024

Indian firm to set up Dh3.5bn plant in RAK

Published
By Staff

Zuari Agro Chemicals Limited, a subsidiary of India’s Adventz Group, will invest $950 million (Dh3.5 billion) to set up an integrated Diammonium Phosphate (DAP) manufacturing facility in Ras Al Khaimah (RAK) Maritime City, it said a press statement.

Alpen Capital has been appointed financial advisor for this project.

HH Sheikh Saud Bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, attended the formal signing ceremony in Ras Al Khaimah on March 31  along with Saroj Kumar Poddar, Chairman of Zuari Agro Chemicals, a company part of the Adventz Group; Suresh Krishnan, Managing Director, Zuari Agro Chemicals; Akshay Poddar, Executive Director, Zuari Agro Chemicals, Naser Bustami, Executive Board Director of RAK Maritime City; Rohit Walia, Executive Chairman, Alpen Capital; and Sanjay Vig, Managing Director,  Alpen Capital.

“Ras Al Khaimah’s diversified economic base and consistently robust growth highlight its appeal as an attractive investment destination within the UAE’s vibrant national economy. We actively encourage businesses from around the world to explore Ras Al Khaimah as their home in the region and their gateway to global markets. I am pleased to welcome Zuari Agro Chemicals to Ras Al Khaimah, and look forward to a long and productive partnership,” said His Highness Sheikh Saud Bin Saqr Al Qasimi.

“We are delighted to partner with RAK Maritime City and the emirate of Ras Al Khaimah to set up our fertiliser plant.

“The different parties associated with the project have been brought together very well by Alpen Capital and we are ready to kick start the project with the signing of the definitive agreements. We are confident that this project once launched will help establish our presence in the Middle East and contribute to our growth”, said Saroj Kumar Poddar, Chairman, Zuari Agro Chemicals Limited.

“Following the MoU that was signed in 2012, a lot of work has gone into finalising the various aspects of the project and we are extremely delighted that both parties have come to a mutually beneficial agreement to commence the transaction. We are proud to be associated with RAK Maritime City and Zuari Agro Chemicals and hope that our expertise in the GCC-India corridor will add value to this landmark transaction,” said Rohit Walia, Executive Chairman, Alpen Capital.

The Adventz Group is a $3 billion Indian conglomerate, comprises 23 companies in various verticals. It is a major producer of a wide range of complex fertilizers and other agricultural inputs such as seeds, pesticides, micronutrients and speciality fertilisers.