IFFCO Managing Director was a relieved man after his bid to revive its ICS project in Senegal got a boost during his four days’ campaign in Senegal.
Awasthi tweeted on Thursday” 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 JV which was turning into a damp squib was revived during MD visit with a new partner as a relieved Awasthi tweeted: #iffco and I gave birth to ICS so for us it’s survival is very emotional I thank to god for his help”.
The Joint Venture Expansion Project between ICS-Senegal and IFFCO 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.
IFFCO MD was overwhelmed by the response of political class as well as the way media lapped the event. Dr. U S Awasthi (@drusawasthi) : “The President, prime minister, finance minister , industry and mine minister of State of Senegal gave very warm welcome . I thank them all”.
In another tweet he said # Senegal press, TV and media covered my efforts for revival of ICS which is much more satisfying. In #India nobody would have bothered.
