World News | Indian cooperative KRIBHCO to invest in Saudi mining giant Ma’aden
New Delhi [India]Aug 25 (ANI): In a further boost to the growing ties between India and Saudi Arabia, a joint statement was signed on Thursday by India’s leading cooperative KRIBHCO for investments in the new Ma’aden phosphate project.
Dr. Mansukh Mandaviya, Minister of Health and Family Welfare, while attending the signing event, wrote in a tweet: “Ties between India and Saudi Arabia growing stronger an example of the deep-rooted ties between – is the signing of the joint statement today leading the Indian cooperative KRIBHCO for investments in the new Ma’aden phosphate project.”
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“With this, Indian companies have secured an annual supply of 2.5 million tonnes of key raw materials like ammonia and finished fertilizers like Diammonium Phosphate (DAP) and Nitrogen Phosphorus Potassium (NPK) for next 3 years. This will add even more energy to the friendship between India and Saudi Arabia and benefit our hard-working Indian farmers.”
Ma’aden is one of the fastest growing mining companies in the world and the largest multi-product mining and metallurgical company in the Middle East. Ma’aden pioneered the mining industry in Saudi Arabia, creating a world-class, unique and fully integrated mining value chain.
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It is becoming a key player in the long-term diversification of the Saudi economy. Ma’aden adheres to the highest international standards for corporate governance and continues to build the company’s operations on a solid foundation of sustainable practices.
Meanwhile, KRIBHCO was one of the first factories to set up in the Hazira region of Gujarat State, on the bank of the Tapti River, 15 km from Surat is a major fertilizer player in the cooperative sector.
KRIBHCO was incorporated as a nationwide multi-state cooperative corporation to implement the first “state-of-the-art” gas-based high-capacity fertilizer complex consisting of 2 1350 MTPD ammonia plants and 4 urea plants of 1100 MTPD each with an annual installed capacity of 8.91 Lakh MT of ammonia and 14.52 Lakh MT of urea.
Krishak Bharati Cooperative Limited (KRIBHCO) is a leading national cooperative society engaged in the production and distribution of fertilizers and is registered under the Multi-State Cooperative Societies (MSCS) Act 2002.
It was founded in April 1980, to produce and distribute high quality agricultural inputs, mainly chemical fertilizers, through cooperatives and institutional agencies. The paid-up share capital of KRIBHCO was contributed by 9478 cooperative societies from all over the country. KRIBHCO believes in upholding its cooperative philosophy and heritage while incorporating technology to better serve the nation.
KRIBHCO’s production plant is located in Hazira, Gujarat and its wholly owned subsidiary KRIBHCO Fertilizers Limited (KFL) production plant is located in Shahjahanpur, Uttar Pradesh.
Oman India Fertilizer Company SOAC (OMIFCO), a joint venture of KRIBHCO, has its production plant in SUR, Oman. In addition to the production of fertilizers, the Company is also engaged in the trading and distribution of bulk fertilizers such as DAP, NPK, MOP, etc.
KRIBHCO’s product basket includes urea, DAP, NPK, MOP, SSP, zinc sulphate, bio-fertilizers, certified seeds, compost, hybrid seeds, BT cotton, etc. . . It also supplies products through its own outlets, commonly referred to as Krishi Bikash Shilpa Kendra (KBSK). (ANI)
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