The joint venture's objective is to establish an Indian production base by acquiring existing production facilities, combined with import. The partners will seek to establish a foreign production base in areas with competitively priced raw materials.
India is the worlds third biggest fertilizer market, and growing strongly. During recent years market growth has been met by increased import.
India's consumption of the plant nutrients N, P and K is not optimally balanced, with a deficit in application of P and K. The joint venture will introduce balanced fertilization, principally as NPKs, into the Indian market.
"Our new partnership with Kribhco is a strong fit between their distribution position in one of the words biggest and fastest growing fertilizer markets, and our global sourcing and leadership on NPKs", says Thorleif Enger, President and CEO at Yara International ASA.
Krishak Bharati Cooperative Limited (Kribhco) is the largest agricultural cooperative in India. The Indian Government owns 67% of Kribhco. Its members include more than 7,000 local agricultural cooperatives.
|
Contact |
Torgeir Kvidal, Investor Relations
Telephone (+47) 24 15 72 95
Cellular (+47) 91 339 832
E-mail torgeir.kvidal@yara.com
Hamed Brodersen, Media Relations
Cellular (+47) 40 468 110
Yara International ASA is a leading chemical company that converts energy and nitrogen from the air into essential products for farmers and industrial customers. As the number one global supplier of mineral fertilizers and agronomic solutions, we help provide food for a growing world population. Our industrial product portfolio includes environmental protection agents that safeguard air and water purity and preserve food quality. Yara's global workforce of 6800 employees represents great diversity and talent enabling Yara to remain a leading performer in its industry.
www.yara.com