IFFCO and Indian Potash Ltd (IPL) have jointly bought 37% stake in Jordan Phosphate Mines Company (JPMC), which is Jordan’s largest mining and chemical firm, for approx Rs.900 crore.
The shares have been purchased from Kamil Holdings, owned by Brunei Investment Agency. IFFCO Managing Director U S Awasthi stated that, IPL has bought about 27%, while IFFCO through its subsidiary Kisan International Trading (KIT) has purchased around 10% in JPMC.
Furthermore, IFFCO already has a joint venture with JPMC in Jordan India Fertilizer Company (JIFCO), in which it has 52% stake, while JPMC holds 48% equity in it.
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