Paradeep Phosphates drops nearly 3% on closure of Goa plants [Video]

Shares of Paradeep Phosphates Ltd plunged 3% on Tuesday, March 19, after the company shut down its ammonia and urea plants in Goa due to the breakdown of a gas compressor.

“The company has shut down the ammonia and urea plants at Goa due to breakdown of a synthesis gas compressor,” Paradeep Phosphates said in a stock exchange filing.

However, the company did not disclose the timeline to resume operations and the measures taken to address the issue.

On another note, in February, Mangalore Chemicals and Fertilisers Ltd (MCFL) disclosed plans of a merger scheme with Paradeep Phosphates, aiming to create one of India’s leading integrated private sector fertiliser firms, boasting a combined manufacturing capacity of 3.6 MMTPA.

The board of directors of both Mangalore Chemicals and Paradeep Phosphates gave a go-ahead to a composite scheme of arrangement for the merger.

Under this arrangement, investors will receive 187 shares of Paradeep Phosphates for every …