IFFCO to hold 52% stake in Jordan joint venture

01 February 2007 16:26  [Source: ICIS news]

NEW DELHI (ICIS news)--Indian Farmers Fertiliser Cooperative Limited (IFFCO) announced on Thursday that it along with its associates would hold a 52% equity stake in its proposed (Rs) 15.4bn ($350m) phosphoric acid joint venture with Jordan Phosphates Mines Company (JPMC).

 

IFFCO said the remaining balance of 48% shares would be held by JPMC and its associates. IFFCO and JPMC on Wednesday signed a memorandum of understanding (MOU) for building a (1500 tonnes/day plant) adjacent to Eshidyah mine in Jordan.

 

IFFCO said this project was part of a plan to increase its aggregate sales to Indian rupees (Rs) 150bn by 2010 from (Rs) 99.43bn in 2005-06.

 

IFFCO and JPMC confirmed in a statement their keenness “to put this plant on stream in a record time.”

 

Last year IFFCO created the joint venture Indo Egyptian Fertiliser Company (IEFC) for the purpose of putting on stream a $350m phosphoric acid complex at Edfu in Aswan Governorate in Egypt by early 2009.

 

Prior to embarking on these two projects, IFFCO had tried to acquire 52.2% controlling stake in Indo-Jordan Chemicals Company (IJCC) from Southern Petrochemicals Industries Corporation (SPIC). The negotiations were aborted in 2005.

 

($1=Rs44.1)

By: Naresh Minocha
+65 6780 4359

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