IFFCO, IPL buy 37% stake in Jordan’s largest mining firm for Rs 900 cr
Team Udayavani, May 28, 2018, 5:09 PM IST
New Delhi: Fertiliser major IFFCO and Indian Potash Ltd (IPL) have acquired 37 percent stake in Jordans largest mining and chemical firm JPMC for about Rs 900 crore.
The shares have been purchased from Kamil Holdings, owned by Brunei Investment Agency, which is the largest shareholder in Jordan Phosphate Mines Company (JPMC).
“IPL and IFFCO have jointly bought 37 percent stake in JPMC for about USD 130 million (nearly Rs 900 crore),” IFFCO Managing Director U S Awasthi told PTI.
The deal will ensure phosphatic reserve security to Indian farmers and help achieve balanced use of fertilisers in the country, he added. India is dependent on imports for phosphatic fertilisers.
Awasthi said IPL – the country’s largest importer of potash fertilisers, has bought about 27 percent stake, while IFFCO through its subsidiary Kisan International Trading (KIT) has purchased around 10 percent in JPMC.
He also mentioned that the Jordanian government has permitted Brunei to offload its stake to Indian companies.
IFFCO already has a joint venture, Jordan India Fertilizer Company (JIFCO), in which it has 52 percent stake, while JPMC holds 48 percent equity in it.
JPMC, one of the largest phosphates firms in the world, produces 7 million tonnes of rock phosphates annually.
IFFCO manufactures and markets various kinds of fertilisers. It had sold 10 million tonnes and produced 7.87 million tonnes of soil nutrients last fiscal. Its turnover stood at Rs 22,597 crore in the 2016-17 fiscal. The cooperative is yet to announce the results for last fiscal.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
CBDT allows tax officials to waive or reduce interest due from assessee
Markets fall in early trade amid unabated foreign fund outflows
New software for fast-tracking project approvals: Karnataka Minister Patil
In-flight passengers can access WiFi services only when allowed, say new rules
SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees
MUST WATCH
Latest Additions
Clash between 2 groups leads to stone pelting at temple in Delhi’s Jahangirpuri
CBI forms SIT to probe into Tirupati laddu adulteration allegations
Bengaluru airport collaborates with Echoes of Earth festival for 5th consecutive year
Ex-PM Gowda jumps into campaign fray, seeks support for grandson in Channapatna bypoll
Will appear before Lokayukta for questioning in MUDA case, says CM Siddaramaiah
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.