Indian Potash Ltd (IPL) is in talks with Israel Chemicals (ICL) to contract import of over 5 lakh tonnes of muriate of potash (MoP).
Last month, IPL had signed an agreement with Belarusian Potash Company, owned by the Belarus government, for import of 7 lakh tonnes of MoP at USD 227 per tonne.
"We import about 20-21 lakh tonnes of MoP every fiscal. We are negotiating with ICL for imports of 5.25 lakh tonnes at a price of USD 227 per tonne," IPL Managing Director P S Gehlaut told PTI.
The agreement will be signed soon, he added.
IPL had recently cut MoP prices by Rs 200 to Rs 550 per bag of 50 kg with an immediate effect.
Potash is one of the essential nutrients for soil and helps in enhancing crop resistance towards heat, drought and at the same time it also makes plants strong.
IPL expects the substantially reduced price of MoP will be affordable to the farmers battling drought and this will give a big fillip to the balanced use of fertilisers in the interest of the agriculture, Gehlaut had said.
