Indian fertiliser firms sign MoU with Canada's Canpotex

Tags: National National News

India’s fertiliser companies- Coromandel International, Chambal Fertilizers and Indian Potash Limited signed an MoU with Canpotex, Canada on 27 September 2022. 

Important facts

• The MoU was presented to Union Minister of Chemicals and Fertilizers Dr Mansukh Mandaviya, at Delhi.

• As part of the MoU, Canpotex, Canada will supply 15 LMT of potash annually to Indian fertilizer companies for a period of 3 years.

•  This supply sharing is expected to improve fertilizer availability within the country and reduce the cost of fertilizers.

• It is a significant step towards ensuring long-term fertiliser availability for the farming community.

• The MOU will reduce both supply and price volatility and ensure stable long-term supply of Potassic fertilisers to India.

Significance of Potash

• Potash is a source of potassium and is used directly as a combination of 'N' (nitrogen) and 'P' (potash) nutrients in MOP (Muriate of Potash) as well as NPK fertilizers.

• India meets 100% of its potash requirement through imports.

• India imports approximately 40 LMT MOP annually.

About Canpotex

• It is a joint venture between leading fertiliser players, Mosaic and Nutrien, and markets Potash being produced at Saskatchewan region in Canada.

• Canpotex, Canada is one of the largest suppliers of potash globally, exporting approximately 130 LMT of potash annually.

• It exports potash to more than 40 countries and is one of the major suppliers of potash to India.