IFFCO and IPL buy 37% in Jordan's Largest Mining firm for Rs.900 Cr.

Fertiliser major IFFCO and Indian Potash Ltd (IPL) have purchased 37% shares from Kamil Holdings, owned by Brunei Investment Agency, which is the largest shareholder in Jordan Phosphate Mines Company (JPMC). IFFCO Managing Director U.S. Awasthi said that IPL and IFFCO have jointly bought 37 per cent stake in JPMC for about USD 130 million (nearly Rs 900 crore). As 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. This 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 per cent stake, while IFFCO through its subsidiary Kisan International Trading (KIT) has purchased around 10 per cent in JPMC. Along with that 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 per cent stake, while JPMC holds 48 per cent equity in it.