Coromandel Chemicals Ltd , a subsidiary of Coromandel International Ltd, has signed definitive agreements to form a joint venture with Sakarni Plaster for the manufacture and sale of phospho gypsum-based green building Materials. The joint venture will set up by a manufacturing facility in Visakhapatnam, adjacent to Coromandel’s fertiliser plant, ensuring reliable feedstock availability through gypsum generated as a by-product from fertiliser operations. This joint venture allows Coromandel to diversify beyond its core agri-inputs business, enhance Integration synergies and create long-term value. For Sakarni, the alliance facilitates the expansion of its product portfolio, and market diversification. “The joint venture aims to capitalise on the rapidly expanding gypsum plaster market, driven by a growing construction sector, the rising need for affordable housing and demand for eco-friendly, durable building materials,” a Coromandel Chemicals statement said here on Wednesday. “Phospho gypsum products have a significantly lower carbon footprint compared to natural gypsum by avoiding mining activity, reducing environmental load and contributing positively towards waste-to-wealth goals under circular economy framework,” it said. Import substitution It said the initiative would complement the Government’s push towards import substitution through self-reliance in raw materials. “The joint venture represents a strategic move for Coromandel in advancing our sustainability and circular economy goals. By creating value from industrial by-products and diversifying into green construction materials, we are leveraging adjacent synergies to unlock new growth avenues,” S Sankarasubramanian, Managing Director and CEO of Coromandel International Ltd. said. Published on May 14, 2025