IFFCO signs pact with Qatar firm to produce fertilisers

Indian Farmers Fertiliser Co-operative Ltd (IFFCO) recently announced that it has signed an agreement with Qatar Fertiliser Company SAQ (QAFCO) for a joint venture (JV) to establish projects in the oil-rich country to produce fertilisers and chemicals.

According to the pact, QAFCO will be the majority shareholder with a 51 per cent stake in the JV while IFFCO will own the rest. An agreement to this effect was signed by Yousef Al-Kuwari, acting managing director, QAFCO, and U S Awasthi, managing director, IFFCO. According to the agreement, IFFCO will buy the entire quantity of fertilisers to be produced by the JV company based on market price and terms&conditions fixed upon by the two companies. "This agreement is in line with a series of memoranda of understanding signed with companies in countries like Australia, Russia, Germany, the US, Kazakhstan etc so as to make our country self-reliant in the production of fertilisers," said Awasthi.