IFFCO in talks with Russian fertiliser companies for JV

Indian Farmers Fertiliser Cooperative Ltd (IFFCO) is in discussion with two Russian companies to form joint venture, according to a Commerce Ministry statement. “Akron and Orgsintez, the two Russian companies are in discussion with IFFCO as they have potassic and phosphatic resources. Both side discussed the need to support the proposal of AKRON of Russia for setting up of facilities for production of phosphate and potash in Russia by way of JV with Indian fertiliser entities,” added the statement.
 
A high level delegation of 120 Indian business leaders led by Union Minister of Commerce and Industry, Anand Sharma, discussed various business opportunities with their Russian counterparts at India-Russia Trade and Investment Forum at St. Petersburg on 20 September. Joint opportunities in fertiliser sector, along with other industries, for Russian and Indian companies was discussed at the forum.
 
Indian fertiliser companies are reportedly looking at Russia for setting up manufacturing facility for phosphate and potash through JV. This can result in a strategic partnership, benefitting both the two parties (Russian and Indian), since Russia has fertiliser resources in abundance and India offers a huge market for fertilisers.
 
“In January 2013, Secretary (Fertilizer) met the Russian Ministry of Industry & Trade and Russian fertiliser companies to explain new investment policy changes in urea production in India and invite them to invest in India under the new policy. During this visit, Sharma was informed of Russian companies expressing interest in the proposition and companies on both sides are expected to identify opportunities for investment in urea production in India,” said the Ministry statement.