Indorama Corp. announced that effective Jan. 10, 2023, Excelus Holdings LLC, Georgia, a subsidiary of Indorama Corp. Pte Ltd., Singapore, has acquired 100% shares in JSC Rustavi Azot (RA) Georgia, from JSC EUI Investments.
Indorama said RA is one of the largest producers of fertilizers and industrial chemical products in the Caucasus region. It has a capacity of 200,000 mt/y of ammonia and 450,000 mt/y of ammonium nitrate, according to the Green Markets database.
Indorama said the acquisition marks another important step toward the company’s long-term commitment to the fertilizer sector. It said it has plans to inject further capital in coming years to ensure the modernization of RA’s plant and expand its production capacity.