Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company “OCP SA”, through its subsidiary “Zuari Maroc Phosphates Private Limited”, of the indirect joint control of the company “Mangalore Chemicals & Fertilizers Limited” alongside the company “Zuari Agro Chemicals Limited”, as well as the merger by absorption of “Mangalore Chemicals & Fertilizers Limited” by “Paradeep Phosphates Limited”

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• The acquirer: the company “OCP SA” through its subsidiary “Zuari Maroc Phosphates Private Limited”;
• The target/Acquired entity: the company “Mangalor Chemicals & Fertilizers Limited”;
• Acquiring entity: the company “Paradeep Phosphates Limited”.

Nature of the operation:

• Indirect joint control acquisition;
• Merger by absorption.

Economic sectors concerned:

• Market for the extraction and supply of phosphate rock;
• Market for the production and supply of phosphoric acid;
• Market for the production and supply of fertilizers, diammonium phosphate “DAP” and monoammonium phosphate “MAP”.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e. April 2, 2025.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration operation concerning the acquisition by the company “OCP SA”, through its subsidiary “Zuari Maroc Phosphates Private Limited”, of the indirect joint control of the company “Mangalore Chemicals & Fertilizers Limited” alongside the company “Zuari Agro Chemicals Limited”, as well as the merger by absorption of the company “Mangalore Chemicals & Fertilizers Limited” by the company “Paradeep Phosphates Limited”.

“Zuari Maroc Phosphates Private Limited” is an Indian limited liability company with its registered office in India. It is 50% owned by “OCP SA” and 50% by Zuari Agro Chemicals Limited, specializing in fertilizer trading activities.

“Mangalor Chemicals & Fertilizers Limited” is a publicly traded Indian limited liability company with its registered office in India. It specializes in the production and marketing of complex phosphate fertilizers.

“Paradeep Phosphates Limited” is a publicly traded Indian limited liability company with its registered office in India. It is mainly owned by “Zuari Maroc Phosphates Private Limited” and specializes in the production and marketing of complex phosphate fertilizers.

“OCP SA” is a Moroccan joint stock company registered with the Casablanca Trade Register under number 40327 and headquartered at 2-4, Rue Al Abtal Hay Erraha, Casablanca, Morocco. “OCP SA” is a major global company engaged in the extraction and sale of phosphate rocks, as well as their transformation into phosphoric acid, which it sells to third parties or processes to produce phosphate fertilizers.

 

Done in Rabat, March 20, 2025