IFFCO forms alliance with GrowMax Agri Corp

New Delhi: Indian Farmers Fertilizer Cooperative (IFFCO) has formed a strategic alliance with Canadian company, GrowMax Agri Corp for foraying into potash project and oil and gas exploration.

IFFCO had become a joint venture partner in GrowMax Agri Corp. which owns concessions over large potash deposits covering about 820 sq km in its Bayovar project in Peru.

GrowMax is a subsidiary of Canadian firm, Americas Petrogas and is engaged in exploring on-shore oil well in Argentina. It has already struck oil and commenced trial production in its Medanito Sur concession in Neuquen Basin in central Argentina.

IFFCO has a 20 per cent shareholding in GrowMax and about 10 per cent stake in Americas Petrogas with representation on the board of GrowMax. IFFCO will have an offtake agreement for 50 per cent of potash that will be produced from the Peru project.