In a big ticket investment decision, India govt intends buying 30 percent stake in a Russian fertiliser project through a group of public sector undertakings and a cooperative. The amount involved will be USD 2 billion.
The cooperative Kribhco, Rashtriya Chemicals and Fertilisers and National Fertilisers and various other entities will share out stake in the project. The Russian fertiliser company ACRON has launched the potash project. The latter will develop potassium -magnesium deposit in Perm Krai in Russia.
Sources are quoted saying Department of Fertilizers (DOF) has constituted a Consortium consisting of NMDC, RCF, KRIBHCO, FACT and NFL. NMDC would act as lead partner with 50 per cent of the Indian stake in the project and the remaining 50 per cent shall be shared by RCF, KRIBHCO, FACT and NFL in proportion of 3:3:2:2 respectively. The overall investment in Project would be around USD 2 billion, sources add.
Govt sources have said ”the final decision would be taken only after the report of feasibility study, and added, if things moved on the expected lines a deal may be signed during the visit of Russian President to India this year.”
India imports 100 per cent of its requirement of potash. Russia and Ukraine are principal suppliers. Kribhco sources were not available to throw light on the issue.
