Potash. 'Growing demand for soluble and complex fertilizers'
Photo: Yariv Katz
ICL to build 2 fertilizer factories in India
Manufacturing plants to be established by Israel Chemicals Ltd. and India's Zuari Industries. Total production capacity: 32,000 tons
Israel Chemicals Ltd. announced Sunday that it was expanding its production capacity and is to establish two soluble fertilizer manufacturing plants in India with its local partner, Zuari Industries, which operates in north and east India.
"The decision to open two more plants stems from the success of the existing plant, the current shift in India's agriculture to modern and intensive methods and growing demand for soluble and complex fertilizers resulting from this shift," the company said in a statement.
Previous Announcement
Israeli company to supply Indian customers with 415,000 tons of potassium compound, in addition to 1.1 million tons announced earlier this week. All new contracts stipulate price of $490 per ton
Zuari Industries produces and distributes fertilizers and agricultural products throughout India and is partner with ICL in the specialty fertilizer initiative operating in India under the name Zuari Rotem Specialty Fertilizers.
Since March 2010, Zuari has been operating a soluble fertilizer plant with a production capacity of 32,000 tons a year.
Yossi Zidon, head of ICL Specialty Fertilizers, said that "the decision to expand the cooperation with Zuari Industries is a further step in the implementation of our expansion strategy in specialty fertilizers abroad and in general – mainly in emerging markets where we see considerable growth potential.
"We believe that our leadership in delayed release and controlled release fertilizers alongside Zuari's distribution and service array will allow us to respond to the special needs of India's farmers through the new plants and to obtain a competitive edge".
Zidon added, "We are proud to be a central part of the rapidly developing field of specialty fertilizers, particularly in markets with high population growth rates in which demand for agricultural produce is rapidly increasing, such as India."
Last week, ICL published its financial results for the second quarter of 2011, reporting a net profit of NIS 426 million (about $119 million) – a 44% leap compared with the same quarter last year.
Click here to read this report in Hebrew
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