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

Cong’s Yogeeshwara wins Channapatna Assembly bypoll by defeating Kumaraswamy’s son

Gadkari hails Mahayuti, says it prioritised development under PM’s leadership

None of Adani portfolio cos subject to any legal case: Group CFO on promoter indictment in US

20 injured in multiple collisions in Karnataka

Poll trends in favour of Mahayuti because of Ladki Bahin scheme, says Shinde

TTD repairs finger of Lord Rama idol believed to be 1,000 years old

Sealing of illegal hotel borewells in Delhi to continue, authorities tell NGT

Related Articles More

None of Adani portfolio cos subject to any legal case: Group CFO on promoter indictment in US

Binny Bansal steps down from board of PhonePe

MSEZ partners with Italy’s MIR Group for Rs 1,500 cr green facility

Sony India bags ACC media rights for eight years

Musk says X now top news app on App Store in India

MUST WATCH

Naxal Leader Vikram Gowda

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava


Latest Additions

Cong’s Pathan wins Shiggaon Assembly bypoll in Karnataka, defeats ex-CM Bommai’s son

Honeytrap Case: Three held for extorting Rs 3 crore from professor

Cong’s Yogeeshwara wins Channapatna Assembly bypoll by defeating Kumaraswamy’s son

Bengaluru: Woman murders her children, attempts suicide

Gadkari hails Mahayuti, says it prioritised development under PM’s leadership

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.