IFFCO to invest $100 mln in Australia's Legend
MUMBAI (Reuters) - Indian fertiliser cooperative IFFCO will invest $100.5 million for a significant stake In Australian mining firm Legend International Holdings, it said on Wednesday.
Under the deal, IFFCO will purchase 15 million shares in Legend, which owns phosphate deposits in Queensland, Australia, and hold options for buying another 30 million shares, in a phased manner.
IFFCO has also agreed to buy and distribute 4 million tonnes of concentrated rock phosphate, or 80 percent of Legend's output, through its farming network.
IFFCO has the right to nominate two members on Legend's board.
Last year, it had agreed to invest $100 million in Senegalese phosphates producer ICS for a majority stake and supplies of phosphoric acid.
Fertiliser producers from India, the world's second-biggest consumer, have been scouting around the world for key inputs such as phosphatic acid, sulphur and natural gas, which are in shortage in the country.
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