Zuari Agro Chemicals Limited and Ras Al Khaimah Maritime City sign definitive agreements to setup an Integrated DAP Manufacturing Facility
All GCC countries and India, 1st April, 2014
Following the Memorandum of Understanding (MoU) that was signed between Zuari Agro Chemicals Limited and Ras Al Khaimah (RAK) Maritime City to set up an integrated Diammonium Phosphate (DAP) manufacturing facility in the UAE, both parties today signed definitive agreements to formally commence the transaction. Alpen Capital is the sole financial advisor on this project, which is estimated to be around USD 950 mn.
His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah attended the formal signing ceremony in Ras Al Khaimah on March 31st along with Saroj Kumar Poddar, Chairman of Zuari Agro Chemicals Limited, a company part of the Adventz Group, Suresh Krishnan, Managing Director, Zuari Agro Chemicals Limited, Akshay Poddar, Executive Director, Zuari Agro Chemicals Limited, 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", says His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah
"We are delighted to partner with RAK Maritime City and the emirate of Ras Al Khaimah to set up our fertilizer 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", says Saroj Kumar Poddar, Chairman, Zuari Agro Chemicals Limited
"Following the MoU that was signed in 2012, a lot of work has gone in to finalizing 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." says Rohit Walia, Executive Chairman, Alpen Capital