PT Indo Rama Synthetics Tbk : Indorama successfully completes the acquisition of Grasim Industries Limited’s, Indo Gulf Fertilizers (“IGF”) on 1 January 2022.

Indorama successfully completes the acquisition of Grasim Industries Limited's, Indo Gulf Fertilizers ("IGF") on 1 January 2022. January 1st, 2022

Indorama India Private Limited ("IIP"), an indirect subsidiary of Indorama Corporation Pte Ltd., Singapore, ("IRC"), announced, it has successfully completed its acquisition of Grasim Industries Ltd.'s Fertilizer business, Indo Gulf Fertilizers ("IGF") on 1st January 2022.

IGF is engaged in manufacturing, trading, and sale of urea and other agri-inputs including a plant to produce 1.2 mil tons per annum of Urea at Jagdishpur, Uttar Pradesh, India under its strong "Shaktiman" brand in Northern India.

With this acquisition, IIP has become one of the largest private sector producers of fertilizers in India and will enable it to add scale, breadth and capabilities to offer a complete range of agri-inputs to its farmer consumer base in Eastern, Northern and Central India.

IIP has existing facilities in West Bengal, India to produce and trade phosphate-based complex fertilizers, which are marketed under the premier brand of "Paras", a premier brand in Eastern India.

Mr. Amit Lohia, Vice Chairman of IRC, said, "We are excited to have completed this acquisition and welcome employees and colleagues of IGF to the Indorama family. We are pleased that with this acquisition, Shaktiman and the Paras brands will be able to join hands to offer a complete range of products for our farmers including urea, phosphate, potash, and complex fertilizers, in addition to soil health products, seeds, and crop protection products."