Indorama Corporation, the Singapore based corporate, has acquired a 15% stake in the African based Indorama Eleme Fertilisers and Chemicals, a company that produces over 1.4-million tons of fertilizer including urea. The production plants are in Nigeria and Senegal and mainly exported to Brazil and India. Indorama already has an 85% stake in the African based company. The 15% stake was acquired from Actis Capital although the Nigeria was previously acquired in 2006 from the Nigerian National Petroleum Corporation at the period in which the Nigerian government was privatising the asset.
Indorama Corporation is a Singapore based corporate established in 1975 as Indorama Synthetics in Indonesia by its founders, ML Lohia and his son, SP Lohia. Indorama Synthetics started as a cotton yarn spinning company. In 1991, the company diversified into the production of polyester fibres from petchemical derivatives and subsequently branched into the production of PET resin. Indorama Corporation manufactures a multitude of products including nitrogen fertilizers, phosphate fertilizers, polyethylene, polypropylene, polyester, textiles, cotton fibre and medical gloves. It is also the largest producer of urea and phosphate fertilizers in Sub-Saharan Africa.