Dr U S Awasthi, the Managing Director of leading Indian fertilizer cooperative IFFCO has resigned as the Chairman and Board member of ICS Senegal after the JV with ICS Senegal was partly handed over to Singapore headquartered Indorama Consortium.
Awasthi’s tweet on the issue read” Today, I resigned as Chairman & Board member #ICS Senegal. Handed over to #Indorama consortium. Was Chairman since 2000& Director since 1993.”
Indorama is headquartered in Singapore and established in 26 countries in four major regions of the world – Asia Pacific, Europe, North America, and Africa.
Dr Awasthi broke the news saying “It was a long, arduous but satisfactory & rewarding journey for me with #ICS Senegal &calling it a day with #ICS. It will achieve big heights.”
Following Awasthi’s resignation , K N Joshi has been nominated on the Board of ICS Senegal by the IFFCO. IFFCO would however continue to take nearly 85% of output of the ICS Senegal and would also continue to lend all support, informed the MD.
IFFCO also exudes confidence in the new player Indorama as is clear from MD’s tweets” I decided this by knowing d fact that #ICS Senegal is now in safe, promising hands of experienced #SPLohia & dynamic #AmitLohia of #Indorama.”
Readers would recall that last August Dr US Awasthi spent four days trying to revive the Senegal project by finding a new partner. IFFCO had entered into JV with Senegal in the early 1980’s to procure phosphoric acid on an assured basis.
The Joint Venture would not only benefit the economy of Senegal but would also help IFFCO to procure an additional 6,50,000 MTs of phosphoric acid on an assured basis and at a rebate ranging from 1 to 2%.
This would help IFFCO’s expansion project at Kandla which will produce additionally 10,00,000 MTs of NPK fertilizers. The estimated cost of the project is 250 million US dollars, said a source.
The parting MD thanked one and all for the support he received. He also thanked the President and the Prime Minister of Senegal for their support in a series of tweets.
(The Indorama Consortium referred to by Dr. Awasthi is not Indorama headquartered in Thailand, but in fact Indorama Corporation which is based in Singapore. Error is regretted-Editor)