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Iffco raises $336 mn debt for Jordan JV

Iffco raises $336 mn debt for Jordan JV
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First Published: Mon, Jun 06 2011. 12 42 PM IST
Updated: Mon, Jun 06 2011. 12 42 PM IST
Mumbai: Fertiliser maker Indian Farmers Fertiliser Cooperative (IFFCO) said on Monday it has firmed up $336 million in debt for setting up a 475,000 tonnes per annum phosphoric acid plant in Jordan in partnership with Jordan Phosphates Mines Co (JPMC).
Iffco holds 52% in Jordan India Fertilizer Company (JIFCO) -- the joint venture firm -- that is setting up the plant, while JPMC holds the rest, it said in an emailed statement.
International Finance Corp and European Investment Bank are the arrangers for the debt, while SNC-Lavalin International is a project manager, it added.
The acid plant is scheduled to achieve commercial production by mid-2013.
Kisan International Trading, a unit of Iffco, will purchase minimum 70% of phosphoric acid produced in the plant, and JPMC the balance, it said.
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First Published: Mon, Jun 06 2011. 12 42 PM IST
More Topics: Iffco | Fertiliser | JV | Jordan | JPMC |