The Murugappa Group-owned Coromandel Fertilisers Ltd, which was renamed as Coromandel International Ltd (CIL) with a new brand identity on Friday, has revealed its plans to spend Rs 1700 crore over the next four years for expansion of its fertilizer and pesticide production capacities.

The company decided to spend Rs 250 crore in its fertilizer business, to increase its production capacity from the existing 2.9 million tonnes per annum to 4 million tonnes and another Rs 250 crore as its equity for a joint venture to set up a phosphoric acid plant.

However, in pesticide business, CIL will pump Rs 700 crore. The company aims to increase its turnover from present Rs 350 crore to Rs 1,500 crore in next 1-2 years.

Apart from latest development, the company will pump an additional Rs 500 crore to set up an overseas ammonia plant through a joint venture with a partner, which will essentially supply gas as raw material for the plant.

The shares of Coromandel Fertilisers settled on Friday at BSE with gain of 6 per cent at Rs 200.