IFFCO's JV "Jordan India Fertiliser Company" to assure Phosphate Input in India

By ENN,
Ahmedabad: His Majesty King Abdullah II, King of the Hashemite Kingdom of Jordan laid the Foundation stone of Phosphoric acid project worth US $ 625 million. His Majesty King Abdullah II of Jordan laid the foundation of the phosphoric acid plant of Jordan India Fertilizer Company (JIFCO) at Eshidiya, Jordan on 3rd October, 2009 in presence of His Excellency Dr. Amer Haddidi, Minister of Industry, His Excellency Dr. Khaldoun Kutaishat, Minister of Energy & Resources, His Excellency Walid Ismail Kurdi, Chairman, JPMC & JIFCO, R R Dash, Ambassador of India in Jordan and Dr.U.S. Awasthi, Managing Director, IFFCO & Dy. Chairman, JIFCO and other high ranking officials of Jordan.

In its quest and to strengthen the adequate procurement of Phosphoric Acid for its Phosphatic fertilizer producing plants, Indian Farmers Fertiliser Cooperative (IFFCO), an acclaimed world leader in production and marketing of fertilizers, has incorporated a new joint venture company namely Jordan India Fertilizer Company (JIFCO) with Jordan Phosphate Mines Company (JPMC), Jordan to set up a phosphoric acid project in Jordan near the rock phosphate mines. The joint venture is a strategic partnership between IFFCO and JPMC wherein JPMC will be supplying around 2 million tons rock phosphate to the Project from nearby mines in Jordan and IFFCO will be getting consistent supply of phosphoric acid to meet its requirement in India.

His Excellency Walid Ismail Kurdi, said that this project with an investment of USD 625 million will be a win-win situation for both the countries. Jordan has abundant reserves of rock phosphate mineral, and this project will boost their economy by way of direct and indirect employment, sourcing of materials and services from the local contractors/establishments and export earnings of around USD 300 million per year.

India, through IFFCO, shall be getting large quantity of Phosphoric acid from Jordan.

Dr. U. S. Awasthi, expressed his happiness and stated that "this foundation laying of JIFCO's Phosphoric Acid Project is one of the most remarkable milestones in the Indian fertilizer industry". Dr. Awasthi further added that "this Joint Venture Project will provide assured supply of phosphate input to the Indian agriculture for sustenance in food grains production".

He also said that JIFCO has been incorporated in March, 2008 as a joint venture of Jordan Phosphate Mines Company, (JPMC) Jordan and Indian Farmers Fertiliser Cooperative Limited (IFFCO), India to set up a phosphoric acid project. He assured that the project will be completed in time and thanked His Majesty the King of Jordan and all concerned for their support to this project.

In order to meet the growing demand of fertilizers, IFFCO has also established joint ventures in Senegal, Oman and Australia for sourcing a part of its requirement of raw material and finished fertiliser. With the focus on farmers' needs, IFFCO has already diversified into Insurance, Power, Telecom and other sectors through various joint ventures.

Towards the upliftment of rural people in India, IFFCO has been undertaking projects in Farm Forestry, Cooperative & Rural Development, Agriculture services etc.