October 5, 2018 / 6:59 AM / 7 months ago

Russia's Phosagro in $1 bln India fertiliser deal

NEW DELHI, Oct 5 (Reuters) - Russia’s Phosagro will supply 2 million tonnes of fertiliser to India worth $1 billion the company said in a joint statement with Russia’s RDIF sovereign wealth fund on Friday.

Deliveries will take place between 2019 and 2021.

In an agreement signed during a visit to India by Russian President Vladimir Putin on Friday, Phosagro and Indian Potash Ltd (IPL) along with RDIF also agreed to consider investment projects in the fertiliser sector, including the construction of infrastructure and technology.

Since 2016, Phosagro has supplied about 1.2 million tonnes of product to India. IPL is India’s largest importer of mineral fertilisers.

The new agreement “will increase the volume and expand the range of phosphorus-based fertilisers supplied to India,” Phosagro CEO Andrey Guryev said in the statement. (Reporting by Polina Devitt and Vladimir Soldatkin; editing by Jason Neely)

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