Iffco, IPL buy 37% stake in top Jordan mining firm
New Delhi: Fertiliser major IFFCO and Indian Potash Ltd (IPL) have acquired 37 per cent stake in Jordan's largest mining and chemical firm JPMC for about Rs 900 crore.
The shares have been purchased from Kamil Holdings, owned by Brunei Investment Agency, which is the largest shareholder in Jordan Phosphate Mines Company (JPMC).
"IPL and IFFCO have jointly bought 37 per cent stake in JPMC for about $130 million (nearly Rs 900 crore)," IFFCO Managing Director U S Awasthi said. The deal will ensure phosphatic reserve security to Indian farmers and help achieve balanced use of fertilisers in the country, he added. India is dependent on imports for phosphatic fertilisers.
Awasthi said IPL has bought about 27 per cent stake, while IFFCO through its subsidiary Kisan International Trading has purchased around 10 per cent in JPMC.