IFFCO partners Australian firm for rock phosphate supply
Cooperative major IFFCO today announced its partnership with Australia's Legend International Holdings for a project to receive assured supply of about three million tons of rock phosphate annually.
By PTI |
NEW DELHI: Cooperative major IFFCO today announced its partnership with Australia's Legend International Holdings for a project to receive assured supply of about three million tons of rock phosphate annually.
IFFCO and Legend International have decided to pursue the Lady Annie project in Queensland, Australia, from where the fertiliser major wants to source the concentrated rock phosphate with a joint investment of about $800 million, a company release said.
IFFCO continues to look for opportunities to enhance fertiliser availability and the agreement with Legend International is in that direction, IFFCO Managing Director U S Awasthi said.
IFFCO said both companies are currently negotiating the rock prices as well as the details of financing the joint venture project.
"The price of the rock will be negotiated on a fair and equitable basis for both companies based on international market price applicable for the Indian market with an appropriate discount," IFFCO spokesperson Ghansham Dass said.
The Indian fertiliser major also said that supplies from Legend within next 2-3 years would not affect its present suppliers. IFFCO hoped that after supply from Legend starts, its Paradeep unit in Orissa will be able to operate at full capacity with no constraints of raw materials.
IFFCO and Legend International have decided to pursue the Lady Annie project in Queensland, Australia, from where the fertiliser major wants to source the concentrated rock phosphate with a joint investment of about $800 million, a company release said.
IFFCO continues to look for opportunities to enhance fertiliser availability and the agreement with Legend International is in that direction, IFFCO Managing Director U S Awasthi said.
IFFCO said both companies are currently negotiating the rock prices as well as the details of financing the joint venture project.
"The price of the rock will be negotiated on a fair and equitable basis for both companies based on international market price applicable for the Indian market with an appropriate discount," IFFCO spokesperson Ghansham Dass said.
The Indian fertiliser major also said that supplies from Legend within next 2-3 years would not affect its present suppliers. IFFCO hoped that after supply from Legend starts, its Paradeep unit in Orissa will be able to operate at full capacity with no constraints of raw materials.
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"India is currently facing shortage of phosphate fertilisers causing anxiety among the farmers. The prices of phosphate fertilisers including their raw material have also gone up many folds in the last one year," Awasthi said. Start a SIP with as low as ₹500 with ET Money App!
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