IFFCO’s bid to revive its Senegal project seems to be paying off at last. Dr U S Awasthi, the Managing Director of cooperative major who attended the board meeting last week shared the good news.
In a tweet Dr. U S Awasthi said “Attended #ICS #Senegal board meeting very impressive performance. Production increased budgeted parameters have been met.”
The news of the turn-around in the struggling project has brought smiles on the face of stake holders as people rushed to congratulate Dr Awasthi on social media for his efforts to revive the same. One of them compared it to a miracle and tweeted “ @drusawasthi congratulations sir..Its turnaround from a odd situation to this impressive performance is a miracle & entire credit goes 2 u.”
Readers would recall that last August Dr US Awasthi spent four days trying to revive the Senegal project by finding a new partner. Once a new partner was discovered, a happy MD had tweeted ” For last 4days I was in Senegal to Revive ICS . We got a new partner and I think we are on recovery path in ICS. ICS is flagship of Senegal.”
Readers would recall that IFFCO had entered into JV with Senegal in the year 2007 to procure phosphoric acid on an assured basis. Industries Chimiques du Sénégal (I.C.S.) is a product of South-South cooperation, and more specifically of the convergence between India’s significant need for phosphoric acid to produce fertilizer, and the availability of a high quality phosphate mine in Senegal.
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.