RDIF inks joint investment pact for mineral fertilisers

New Delhi: Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, signed a key deal at the India-Russia annual summit here last week for a joint investment for mineral fertilisers with an eye on expanding its footprint in India.

Besides, RDIF and UAE’s DP World will also participate in a National Investment and Infrastructure Fund (NIIF) venture, the sovereign fund’s chief executive officer Kirill Dmitriev told ET. The fertiliser venture will involve the construction of plant and related infrastructure, as well as the introduction of advanced technologies in Russia and India.

“RDIF will invest alongside its portfolio company PhosAgro PAO and (state-owned) Indian Potash Ltd (IPL),” he said. “The agreement also provides for the supply of PhosAgro products to Indian partners on a long-term basis. The volume of supplies of mineral fertilisers will amount to 2 million tonne in the period from 2019 to 2021. The total amount of deliveries (are) to be over $1billion.”