Abraaj Group buys into African fertiliser

Combine-harvesting-maizeAbraaj Group, the private equity firm founded in Dubai in 2002, has bought a minority stake in a Nigerian fertiliser company for an undisclosed sum.

The deal holding will add to the roughly $3 billion the firm has deployed in Africa to date and demonstrates the firm’s continued interest in the continent. Last year, Abraaj Group says it raised $1.3 billion for its Africa-focused funds.

Arif Naqvi, the Pakistan-born founder of Abraaj Group, described the acquisition of a stake in Indorama Fertilizers as a “landmark transaction”.

“Having successfully invested in the fertiliser business in North Africa, we look forward to leveraging that know-how and working with the management team in developing the company’s route-to-market infrastructure, build its network and support its capacity expansion and product diversification plans in the region,” he said.

Abraaj Group says it has about $10 billion under management.

©2016 funds global mena

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