Chennai, Jul 27 (IANS): Closing the first quarter of FY23 with a net profit of Rs 496 crore, fertiliser major Coromandel International Ltd said that it will complete the acquisition of the Senegal-based rock phosphate mining company soon, a top company official said.

Murugappa group company Coromandel International is buying a 45 per cent stake in the Senegal-based Baobab Mining and Chemicals Corporation (BMCC) for about Rs 150 crore. The Indian company will also provide a loan of Rs 75 crore to BMCC.

According to Coromandel International Managing Director, Sameer Goel, the acquisition of BMCC, through 100 per cent subsidiary Coromandel Chemicals Ltd, is expected to be completed in the coming quarter and will help in securing critical phosphate rock needs.

Goel said Coromandel International's capital expansion programme is on track with the proposed sulphuric acid plant at Vizag and is building a multi-purpose plant for crop protection.

The company through its 100 per cent subsidiary, Dare Ventures Ltd, invested in two agri start-ups - EcoZen and String Bio.

Coromandel International closed the first quarter of FY23 with a total income of Rs 5,776 crore (Q1FY22 Rs 3,677 crore) and net profit of Rs 496 crore (Rs.329 crore).