World’s largest manufacturer and marketer of fertilizers in the cooperative sector, Indian Farmers Fertilizer Cooperative (IFFCO) on Wednesday announced a strategic alliance with Canadian company GrowMax Agri Corp to make its foray into potash project and oil and gas exploration.
Terming the step as backward integration to strengthen its potash sourcing for the manufacture of phosphatic fertilizers in India, IFFCO Managing Director U. S. Awasthi said IFFCO had become a joint venture partner in GrowMax Agri Corp. which owns concessions over large potash deposits covering about 820 sq km in its Bayovar project in Peru. GrowMax is a subsidiary of Americas Petrogas which is a Canadian company in the oil and gas sector and is at present engaged in exploring on-shore oil well in Argentina. It has already struck oil and commenced trial production in its Medanito Sur concession in Neuquen Basin in central Argentina.
Full Story: IFFCO to make foray into potash, oil and gas - The Hindu
Terming the step as backward integration to strengthen its potash sourcing for the manufacture of phosphatic fertilizers in India, IFFCO Managing Director U. S. Awasthi said IFFCO had become a joint venture partner in GrowMax Agri Corp. which owns concessions over large potash deposits covering about 820 sq km in its Bayovar project in Peru. GrowMax is a subsidiary of Americas Petrogas which is a Canadian company in the oil and gas sector and is at present engaged in exploring on-shore oil well in Argentina. It has already struck oil and commenced trial production in its Medanito Sur concession in Neuquen Basin in central Argentina.
Full Story: IFFCO to make foray into potash, oil and gas - The Hindu
