Indorama Corporation acquires leading Chinese fertilizer producer Anyang Nitrogen, strengthening its China presence and advancing global food security ambitions.
Indorama Investment, an indirect subsidiary of Singapore-headquartered Indorama Corporation, has entered into definitive agreements to acquire full ownership of Anyang Zhongying Fertilizer Co. and Anyang Yingde Gases Company. The two businesses were acquired from PAG, a prominent Asia-focused private equity firm, with the transaction formally completed on 25 December 2025.
The acquired operations are collectively known as Anyang Nitrogen Fertilizer, a major nitrogen-based fertilizer producer located in Henan Province, one of China’s most important agricultural regions. The company is primarily engaged in the production of urea, a critical input for modern agriculture, alongside a range of valuable by-products. These include ammonia, automotive-grade urea used in emissions control systems, and a portfolio of industrial gases that serve both agricultural and industrial customers.
This acquisition represents a strategic step forward for Indorama as it strengthens and expands its fertilizer footprint in China, the world’s largest fertilizer market and a key driver of global agricultural output. China’s scale, diversity of crops, and increasing focus on productivity and sustainability make it a central pillar in the global food supply chain. By integrating Anyang Nitrogen Fertilizer into its portfolio, Indorama aims to enhance its ability to serve farmers and downstream industries with dependable, efficient, and environmentally responsible products.
Commenting on the transaction, Amit Lohia, Vice Chairman of Indorama Corporation, described the acquisition as a significant milestone in the group’s long-term growth strategy. He highlighted that Anyang’s established operating base in Henan Province aligns closely with Indorama’s approach of investing in high-quality, strategically located assets that directly contribute to food security. Lohia also emphasized that Indorama sees substantial long-term growth potential in China and plans to broaden its product portfolio to better meet the evolving needs of farmers and industrial customers, with a strong focus on reliability, efficiency, and sustainability.
From the seller’s perspective, PAG reflected positively on its period of ownership. David Wong, Partner and Co-Head of Private Equity at PAG, noted that the firm had actively supported the development and operational enhancement of Anyang Nitrogen Fertilizer. Through hands-on operational expertise and a value-creation-driven investment approach, PAG helped transform the business into one of China’s leading fertilizer producers. According to Wong, these efforts have resulted in a strong operational foundation that positions the company well for its next phase of growth.
As part of Indorama’s global fertilizer platform, Anyang Nitrogen Fertilizer is expected to benefit from greater scale, international expertise, and access to broader markets and technologies. The acquisition not only reinforces Indorama’s presence in China but also strengthens its position as a global leader in the fertilizer industry, supporting agricultural productivity and food security at a time of increasing global demand.
