Iffco signs pact with Qatar firm to produce fertilisers
Fertiliser co-operative Iffco today said it has signed an agreement with Qatar Fertiliser Company SAQ (QAFCO) for a joint venture to establish projects in the oil-rich country to produce fertilisers and chemicals.
By PTI |
NEW DELHI: Fertiliser co-operative Iffco today said it has signed an agreement with Qatar Fertiliser Company SAQ (QAFCO) for a joint venture to establish projects in the oil-rich country to produce fertilisers and chemicals.
According to the pact, QAFCO will be the majority shareholder with a 51 per cent stake in the JV while Iffco will own the rest, the Indian co-operative major said in a statement.
An agreement to this effect was signed here yesterday by QAFCO Acting Managing Director Yousef Al-Kuwari and Iffco Managing Director US Awasthi, it added.
Iffco will buy the entire quantity of fertilisers to be produced by the JV company based on market price and terms and conditions agreed upon by the two companies, it said.
"This agreement is in line with a series of memoranda of understanding signed with companies in countries like Australia, Russia, Germany, the US, Kazakhstan etc so as to make our country self-reliant in production of fertilisers," Iffco Managing Director U S Awasthi.
According to the pact, QAFCO will be the majority shareholder with a 51 per cent stake in the JV while Iffco will own the rest, the Indian co-operative major said in a statement.
An agreement to this effect was signed here yesterday by QAFCO Acting Managing Director Yousef Al-Kuwari and Iffco Managing Director US Awasthi, it added.
Iffco will buy the entire quantity of fertilisers to be produced by the JV company based on market price and terms and conditions agreed upon by the two companies, it said.
"This agreement is in line with a series of memoranda of understanding signed with companies in countries like Australia, Russia, Germany, the US, Kazakhstan etc so as to make our country self-reliant in production of fertilisers," Iffco Managing Director U S Awasthi.
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