The Hindu Business Line : Iffco sets up joint venture in Egypt

IFFCO has set up its first joint venture company in Egypt for manufacturing phosphoric acid. The joint venture company - Indo Egyptian Fertiliser Company - is in partnership with El Naser Mining Company of Egypt in which Iffco will hold a majority holding of 76 per cent, according to an official release.

The estimated project cost of the phosphoric acid plant, to be set up by the joint venture company, is $325 million and is to be implemented with the debt equity ratio of 70:30.

El Naser, which is Egypt's largest rock phosphate mining company, will supply rock phosphate, the basic raw material for the project while Iffco will buy back the entire phosphoric acid thus produced.

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