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New Delhi Feb. 3 Indian Farmers Fertiliser Cooperative Ltd (IFFCO) has signed an MoU with Jordan Phosphates Mines Company (JPMC) for setting up a latest phosphoric acid plant in southern Jordan. The proposed plant is part of the company's backward integration plan to meet its essential feedstock requirement of phosphoric acid, according to an official release.

In this new venture, IFFCO and its associates will have a 52 per cent stake, while JPMC and its associates will hold 48 per cent.

The plant and associated facilities would involve an investment of around $350 million and would have an installed capacity of 1,500 tonnes of phosphoric acid per day.

Utilities and other related facilities would be located adjacent to Eshydia Mine in Jordan.

Acid produced by the joint venture will be sold internationally or used by IFFCO at its plants in India.

India imports around 2.6 mt of phosphoric acid from other countries whereas its indigenous production is only about 1.2 mt.

The proposed plant will help in bridging the gap between demand and supply, having a subduing influence in the international prices, the release added.

More Stories on : Overseas Investments | Alliances & Joint Ventures | Fertilisers

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