May. 14, 2013
The leading cooperative of the country IFFCO has strengthened its commitment for Indian farmers by ensuring long term supply of raw material of Phosphatic Fertilisers.
The world’s largest manufacturer and marketer of processed fertilizers in cooperative sector announced the signing of a Long Term Agreement with the Brazilian mining giant Vale SA for the supply of Rock Phosphate.
The LTA was signed by Mr.K.L.Singh, Director (Technical) of IFFCO and Mr Roberto, Director Commercial of Vale, SA.
According to the agreement, the Rock Phosphate will be supplied from Bayovar mines which are located in the Piura province of Peru.
Almost 90% of Phosphate demand of India is met through imports. India ranks the largest importer of Phosphate globally..
Talking to Indian Cooperative Dr U S Awasthi, Managing Director of IFFCO said that this LTA will be key to long term assurance for phosphate fertiliser raw materials to Indian agriculture aiding to increased food grains production.
“This is a step towards backward integration strategy of IFFCO in order to strengthen its Phosphate sourcing for the manufacturing of Phosphatic Fertilizers in India. Our commitment to farmers is always a priority” he added.
There are no deposits of Phosphates in India and country’s entire Phosphate requirement is imported. IFFCO have two complex fertilizer plants in India at Kandla and Paradeep. The DAP, NPK, NP plant at Paradeep is world’s biggest complex fertilizer plant which is hailed as world’s largest phosphoric acid plant with capacity of 2650 MT per day of 100% P2O5.