Aug 26, 2022 00:22 am
Indian cooperative Krishak Bharati Cooperative (KRIBHCO) has signed a long-term deal to import one million tonnes of phosphatic fertilisers from Saudi Arabia, Indian fertilisers minister Mansukh Mandaviya tweeted on Thursday.
KRIBHCO will invest in the new phosphate project of Saudi miner, Ma'aden, Mandaviya said.
India is signing long-term fertiliser import deals to hedge against international price volatilities.
This is amid India plans to secure fertiliser supplies and hedge against price rises by expanding its footprint in mineral-rich countries through investments and multi-year import deals.
The chase for supply security comes as prices of key crop nutrients such as urea, potash and Di-ammonium Phosphate (DAP) have jumped to records following sanctions on key producers such as Belarus and Russia and lower supplies from Morocco and China.