AMMAN -- Jordan Phosphate Mines Company (JPMC) has bought the entire stake of the India-based Southern Petrochemical Industries Corporation (SPIC) in the Indo-Jordan Chemicals Company for $50.6 million.
In an announcement made Tuesday to the Indian National Stock Exchange and published on the bourse's website, SPIC said that the company has sold its 52.2 per cent share in its subsidiary to its principal joint venture partner, the JPMC.
The Indo-Jordan Chemicals Company is a three-party joint venture between SPIC, JPMC, which owned 34.8 per cent of the subsidiary, and the Arab Investment Company of Saudi Arabia, which owns 13 per cent of the venture.
The Indian-Jordanian venture, which was established in 1992, consists of a phosphoric acid plant with a production capacity of 700 tonnes per day and another plant producing 2,000 tonnes of sulphuric acid per day.
The JPMC's net profit from its entire operations during 2009 reached JD92.9 million, compared with JD238.6 million generated in 2008.
By Omar Obeidat
© Jordan Times 2010
