National Mineral Development Corporation (NMDC) – on behalf of a consortium comprising NMDC, Rashtriya Chemicals & Fertilisers (RCF), Krishak Bharti Cooperative (Kribhco), Fertiliser and Chemicals Travancore (FACT) and National Fertiliser Ltd (NFL) – has signed an MoU with Acron Group for developing Verkhnekamsk Potassium and Magnesium Salt Deposit in Perm Krai (VPC Potash Project) in Russia.
The VPC Project is expected to have a total capital investment of $ 2 billion.
The consortium led by NMDC will become a strategic investor by acquiring 30% stake in VPC, subject to viable techno-economics of the VPC Project based on comprehensive due diligence in potash assets of VPC. If the deal materialises, India will gain from the supply of potash, one of the key soil nutrients and which is mostly imported into the country.
Courtesy: BS