Paradeep Phosphates Shuts Down Goa Plants Due to Compressor Breakdown

Paradeep Phosphates has suspended production at its ammonia and urea units in Goa on a temporary basis following a failure of the synthesis gas compressor. The surprise stoppage was reported in a stock exchange filing, with the company indicating it would inform once production resumes. The development resulted in a drop in Paradeep Phosphates' share price, which decreased by almost 3% after the announcement. In spite of this failure, the company continues to pursue strategic growth opportunities, such as a mooted merger with Mangalore Chemicals and Fertilisers to form a market-leading integrated fertiliser player. The merger will seek to capitalise on pooled manufacturing capacities and improve market presence in India.

Source: Business News Network