Paradeep Phosphates Limited announced that its board of directors has approved the incorporation of a wholly-owned subsidiary, "Fertilizer Innovation Foundation –India," a not-for-profit entity under Section 8 of the Companies Act, 2013, to focus on research, innovation, knowledge dissemination, and capacity building in the fertilizer and agriculture sector; the company will subscribe to 100% of the initial paid-up share capital of the subsidiary in cash at a face value of Rs 10 per share.