September 18, 2012
Hubei Xingfa Chemicals Group has announced plans to invest CNY40 million (US$6.3 million) in building Henan Xingfa Haolida Fertiliser, thus acquiring a 40% stake.
Two partners, Zhengzhou Jiangnan Investment Management and Zhengchangyuan (Tianjin) Equity Investment Fund will own 33% and 27% of the joint venture, respectively.
Xingfa Chemicals stated that Jiangnan Investment has three fertiliser companies under control in Henan province, and the three companies are capable of producing 600,000 tonnes of urinary compound fertiliser and sulfur-based compound fertiliser and 380,000 tonnes of urea each year. The company has established a more integrated urea and compound fertiliser sales network and has local brand and advantages in the province.