Mubasher: The Abraaj Group acquired a minority stake in Indorama Fertilizers, an urea fertilizer manufacturer in Sub-Saharan Africa, through its funds, according to a statement.
The Dubai-based group purchased the stake from Indorama Holdings Netherlands, a wholly owned subsidiary of Indorama Corporation.
Indorama Fertilizers operates a 1.4 million metric tonnes per annum urea manufacturing facility based in Port Harcourt, Nigeria.
The fertilizer industry is expected to experience long-term demand growth as increases in populations and incomes drive demand for food.
Abraaj deployed around $3 billion in Africa to date in various sectors including healthcare, financial services, logistics, consumer goods, and food and beverage. In addition, the group raised $1.3 billion for its Africa focused-funds in 2015.
