IFFCO and IPL Bought Stake

Question- Recently, IFFCO and Indian Potash Ltd (IPL) jointly acquired what percentage of stake in Jordan’s largest mining company?
(a) 37 percent
(b) 42 percent
(c) 30 percent
(d) 35 percent
Answer- (a)
Related Facts:

  • In May 2018, 37% stake was bought in Jordan’s largest mining company by IFFCO and Indian Potash Limited (IPL) have acquired 37 per cent stake in Jordan’s largest mining and chemical firm JPMC.
  • The acquisition of this stake was done for the amount of Rs. 900 crores.
  • These shares were bought from Kamil Holdings, a unit of Brunei Investment Agency.
  • Kamil Holdings is the largest shareholder in the Jordan Phosphate Mines Company (JPMC) and JPMC is Jordan’s largest mining company.
  • This deal will ensure phosphatic storage protection of Indian farmers and will help in balanced use of fertilizers in the country.
  • It is important that India is dependent on imports for phosphatic fertilizers.
  • The country’s largest potash fertilizer importer, the IPL has acquired a 27 per cent stake in JPMC.
  • Whereas, IFFCO has purchased ten percent stake in JPMC through its subsidiary Kisan International Trading (KIT).
  • IFFCO has already a joint venture with ‘Jordan India Fertilizer Company’ (JIFCO).
  • It has 52 per cent stake in it, while JPMC has 48 per cent equity in it.

Reference:
https://www.thehindubusinessline.com/companies/iffco-ipl-acquire-37-stake-in-jordan-phosphate-mines-for-rs-900-cr/article24012208.ece
https://www.chemarc.com/content/indian-potash-ltd-and-iffco-buy-37-stake-in-top-jordan-mining-firm/5b0cdd83d04ee50d542a0dc6
https://www.punjabkesari.in/business/news/iffco-ipl-buy-37-stake-in-jordan-s-largest-mining-firm-for-809715

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