Tweeting from Jordan, IFFCO Managing Director Dr U S Awasthi said he attended the first board meeting of Jordan Phosphate Mines Corporation (JPMC) and discussed matters related to the future of company and industry. JPMC is the second largest phosphates company in the world.
It bears recall that IFFCO and Indian Potash Ltd (IPL) acquired 37 per cent stake in Jordan’s largest mining and chemical firm JPMC for about Rs 900 crore recently, which was widely reported in media.
“Attended the board meeting of #JPMC for the first time. A historic moment for #IFFCO to represent on the board of world’s 2nd largest phosphates rich player. Now, #IFFCO’s #KIT jointly with #IPL holds 37% share of JPMC. Discussed matters related to future of company & industry”, he wrote on his twitter wall.
While IPL has bought about 27 per cent stake, IFFCO through its subsidiary Kisan International Trading (KIT) has purchased around 10 per cent in JPMC.
The partner of IFFCO Jordan Phosphate Mines Company (JPMC) owns and operates a large number of phosphate mines in Jordan.
Readers may also know that 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.