RDIF, Russian PhosAgro, Indian Potash may jointly invest in mineral fertilizer production

"The parties to this agreement will consider the possibility of jointly implementing attractive investment projects in the area of mineral fertilizer production, including the construction of production facilities and related infrastructure, as well as the introduction of advanced technologies in Russia and India," the RDIF's press release said on Friday.

The agreement also prescribed long-term deliveries of PhoAgro-produced mineral fertilizers to Indian partners. The volume of mineral fertilizer supplies may amount to up to 2 million tonnes during the period from 2019 to 2021 totaling about $1 billion.

"The mineral fertilizer market is one of the fastest and most dynamically developing sectors in Russia's agroindustry, in which about 70% of domestic produce is exported. A partnership with India's leading fertilizer producer will further strengthen the position of our portfolio company PhosAgro in international markets and will make an important contribution to the further development of bilateral trade and economic cooperation between Russia and India," RDIF CEO Kirill Dmitriev said, as quoted by the press service.

According to PhosAgro CEO Andrey Guryev, this agreement will significantly contribute to the development of Russia's high-tech non-energy exports and will promote further investments into Russia's mineral fertilizer sector.