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On October 16, 2024, Coromandel International Limited announced the creation of its new 100% subsidiary in Vietnam, called Coromandel Vietnam Company Limited. This strategic initiative aims to strengthen its presence in the Asian market, focusing onexport, L’import and distribution of agricultural inputs, such as nutrition and crop protection chemicals. This development highlights the company’s commitment to the agricultural sector and its desire to meet the growing needs of Vietnamese farmers.
Coromandel International Limited creates a new 100% subsidiary in Vietnam: ‘Coromandel Vietnam Company Limited’
On October 16, 2024, Coromandel International Limited announced the creation of a fully owned subsidiary in Vietnam, named Coromandel Vietnam Company Limited. This move is part of the company’s efforts to strengthen its presence in the Vietnamese market. agricultural inputs, devoting itself mainly toexport, L’import and distribution of essential agricultural products.
Objectives of the New Subsidiary
The new entity, Coromandel Vietnam Company Limited, specializes in the marketing of several agricultural inputs, including chemicals intended for nutrition and crop protection, as well as organic products. This strategic implementation aims to satisfy the growing demand of the Vietnamese market forsustainable agriculture andinnovation in the sector.
Authorization and Regulation
To establish this subsidiary, Coromandel International Limited had to obtain approval from Department of Planning and Investment of the Socialist Republic of Vietnam. This authorization was granted on the same day of incorporation, October 16, 2024, highlighting the efficiency of the approval process for foreign investments in Vietnamese territory.
Initial Investment
As part of this project, a contribution in capital of 25,000 USD, equivalent to approximately 628,925,000 VND, will be carried out. This initial investment is intended to strengthen the operations of the new entity and guarantee the necessary resources for its development.
Coromandel International Limited: An Overview
Coromandel International Limited is a leading company in the manufacturing and marketing ofagricultural inputs in India. It offers a wide range of products ranging from fertilizer, phytosanitary products, until specialized nutrients. Its market presence is strengthened by a network of over 750 rural sales outlets across India, enabling efficient distribution and proximity to farmers.
Commitment to a Sustainable Future
The creation of the Coromandel Vietnam Company Limited reflects the company’s commitment to sustainable development. By integrating environmentally friendly agricultural practices into its operations, the company aims to improve crop productivity while minimizing the impact on local ecosystems. This is part of the global trend towards sustainable agriculture and the promotion of agricultural practices innovative.
Future Outlook
With the establishment of this new subsidiary, Coromandel International Limited paves the way for considerable expansion prospects in Vietnam. The growing demand for quality agricultural inputs offers new opportunities to enter this dynamic market. The company’s efforts will certainly be supported by its firmly established reputation as an agricultural solutions provider in India and beyond.
Key information about Coromandel Vietnam Company Limited
- Creation date: October 16, 2024
- Entity type: 100% subsidiary
- Name of subsidiary: Coromandel Vietnam Company Limited
- Main activities: Export, import and distribution of agricultural inputs
- Products concerned: Chemical nutrition and crop protection products, organic products
- Government approval: Department of Planning and Investment of Vietnam
- Amount of capital contribution: 25,000 USD (approximately 628,925,000 VND)
FAQs on Establishment of Coromandel Vietnam Company Limited
What is the new subsidiary created by Coromandel International Limited? Coromandel International Limited has announced the formation of a 100% subsidiary in Vietnam, named ‘Coromandel Vietnam Company Limited’.
When was the subsidiary incorporated? The ‘Coromandel Vietnam Company Limited’ was officially incorporated on October 16, 2024.
What is the purpose of this new subsidiary? The subsidiary aims to export, import, and distribute wholesale and retail agricultural inputs, including chemical nutrition and crop protection products, as well as organic products.
Were there any government approvals required for this creation? Yes, approval was received from the Department of Planning and Investment of the Socialist Republic of Vietnam on October 16, 2024.
What is the acquisition cost of this subsidiary? A capital contribution of USD 25,000, equivalent to VND 628,925,000, will be made within the regulatory deadlines.