IFFCO to invest $ 100 million in Australia's Legend
Published: 17 Sep 2008 22:56:43 PST
Indian fertiliser cooperative, IFFCO, will invest $ 100.5 million for a significant stake in the Australian mining firm Legend International Holdings. Under the deal, IFFCO will purchase 15 million shares in Legend, which owns phosphate deposits in Australia and hold options for buying another 30 million shares in a phased manner.
IFFCO has also agreed to buy and distribute 4 million tonne of concentrated rock phosphate, or 80 per cent of Legend's output through its farming network. Moreover, it has been given the right to nominate two members on Legend's board.
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