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Indian fertiliser firms in JV talks with global companies

In the last three years, IFFCO has invested $682 million in a Jordanian JV while Coromandel International and GSFC and two local companies have together formed a JV in Tunisia

Several Indian fertiliser companies are in talks with foreign firms to set up production units jointly, the government today said.

"Various Indian fertiliser entities are in dialogue with the fertiliser entities abroad for establishing joint ventures (JVs) for production of fertilisers/raw materials," minister of state for chemicals and fertilisers Srikant Kumar Jena said in a written reply in the Rajya Sabha, reports PTI.

He, however, did not disclose the names of the companies that are in talks at present.

In the last three years, the minister said that domestic firms such as the Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Coromandel International Limited (CIL) have signed joint ventures abroad for production of fertilisers.

IFFCO has invested $682 million in a JV with Jordan Phosphate Mining Company in December 2007 for production of phosphoric acid in Jordan. The plant has a capacity of 0.45 million tonnes (MT) per annum and production is likely to commence in 2013, Jena said.

Besides investments in Jordan, IFFCO has also bought 1% of the total equity of Glow Max Agri Corp Canada (GMAC) for setting up a Muriate of Potash (MoP) production facility in Peru. The production is likely to start in 2013.

Similarly, Coromandel International Limited (CIL) together with Gujarat State Fertilisers & Chemicals (GSFC), have formed a JV company— Tunisian Indian Fertilisers S A (TIFERT), for production of phosphoric acid with Groupe Chimique Tunisian (GCT) and Campagnie Des Phosphate De Gafsa (CPG).

The plant in Tunisia will start production in the first quarter of 2011. The estimated cost of the project is $500 million, the minister added.

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RBI asks NBFCs to insist on disclosures by developers

Before sanctioning a loan, NBFCs should make sure that the developer should publicly disclose the name of the entity to whom the property is mortgaged. The rule is to create awareness among flat buyers

The Reserve Bank of India (RBI) has asked non-banking finance companies (NBFCs) to insist on disclosures by developers, builders, owners and companies while granting loan for housing or development projects. This is expected to bring greater transparency in the construction industry and create awareness among potential flat buyers.

Before sanctioning the loan, NBFCs should make sure that the developer, builder, owners and company should disclose the name of the entity to which the property is mortgaged, in all pamphlets, brochures and advertisements. Similarly, these entities should also indicate that if required they would provide a no-objection certificate (NOC) or permission of the mortgagee for sale of flats or property.
RBI\'s new guidelines for NBFCs are similar to those followed by banks. Earlier, in a case, the Bombay High Court observed that the bank granting finance for housing projects should insist on disclosure of the charge or any other liability on the plot in question or development project being duly made in the brochure or pamphlet etc which may be published by the developer or owner inviting the public at large to purchase flats and properties. The Court also added that this obviously would be part of the terms and conditions on which the loan may be sanctioned by the bank.

Many times, a buyer has found out that the property on which he bought his residential apartment is in fact mortgaged to some financial institution and he was kept in the dark by the developer. Although the RBI has made it mandatory for banks to make sure that the bank\'s name is mentioned as the mortgagee in the publicity material issued by the developer, the same rule was not applicable for NBFCs.

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