Yara to establish 50:50 jv with Kribhco of India for fertiliser production |
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Published
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Fri, 20 Apr 2007 08:25
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OSLO (Thomson Financial) - Yara International ASA said it has signed a heads of agreement with Kribhco of India with the intention of establishing a 50:50 joint venture for the production and marketing of mineral fertiliser.No financial details were given about the planned partnership, but Yara said the joint venture's objective is to establish an Indian production base by acquiring existing production and import facilities.Norwegian firm Yara said the venture will then seek to establish a foreign production base in areas with competitively priced raw materials.Krishak Bharati Cooperative Limited (Kribhco), the largest agricultural co-operative in India, is 67 pct-owned by the Indian government.India itself is the world's third largest fertiliser market, but recent demand growth has been met simply by increasing imports, Yara said.alastair.reed@thomson.comar/lamCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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