One of the leading fertilizer cooperatives of India, KRIBHCO has signed a long-term deal to import one million tonnes of phosphatic fertilisers from Saudi Arabia, Union Minister Mansukh Mandaviya said in a tweet.
Though there were no PIB release or handouts made available by the Kribhco, the Minister tweeted “An example of deep-rooted ties between India and Saudi Arabia is the signing of the Joint Declaration today by leading Indian Cooperative KRIBHCO for investments in the new Phosphate project of Saudi miner, Ma’aden.”
Kribhco Managing Director Rajan Chowdhary was one of the signatories. The event was attended by several important persons from the fertilizer sector including Union Chemical and Fertilizer Minister Mansukh Mandaviya.
“India is signing long-term fertiliser import deals to hedge against international price volatilities as India-Saudi Arabia ties grow from strength to strength!”, said the Minister.
Mandaviya’s tweets on the development revealed that with this, Indian companies have secured a 2.5 million tonnes annual supply of key raw materials like ammonia and finished fertilizers like DAP, NPKs for the next 3 years.
“The collaboration includes joint development in agronomy, logistics solutions and product development to support farmers of both India and Saudi Arabia. The tie-up will add even more energy to India-Saudi Arabia friendship and benefit the hard-working Indian farmers, he added”, said the Minister.
Ma’aden websites says that Ma’aden is among the fastest-growing mining companies in the world and the largest multi-commodity mining and metals company in the Middle East. Ma’aden pioneered the mining industry in Saudi Arabia, building a world-class, unique and fully integrated mining value chain.
Ma’aden is becoming a key player in the long-term diversification of the Saudi Arabia economy. Ma’aden complies with the highest international standards of corporate governance and continues to build the company operations on a strong foundation of sustainable practices.
Besides signing this agreement, Kribhco is also focussing on developing green energy through ethanol plants. One of the plants in Gujarat was to be inaugurated by Union Cooperation Minister Amit Shah but incessant rains forced postponement of the same. Now the event will take place in September, said Kribhco Chairman Dr Chandra Pal Singh Yadav to Indian Cooperative.
