5 Oct 2018 10:06

Russia to sell India $1 bln worth of fertilizer

NEW DELHI. Oct 5 (Interfax) - The Russian Direct Investment Fund (RDIF) and Russian fertilizer producer PhosAgro plan to sign a $1 billion contract on Friday for the sale of fertilizer in India, RDIF chief executive Kirill Dmitriev told reporters.

"Today we will announce a number of important investments and partnerships. Firstly, this is investment with PhosAgro in distribution and promotion of PhosAgro products on the Indian market. A contract worth $1 billion will be signed for the sale of PhosAgro products in India," Dmitriev said.

There will also be intensive discussion of issues such as the reduction of Indian duties for Russian products, he said. India currently has a 5% duty on Russian fertilizer.

A number of other investment deals will also be considered, including with India's Infrastructure Investment Fund, he said. "We are actively working with them for investment in Indian infrastructure together with Russian companies like Russian Railways (RZD) and others," Dmitriev said.

Intensive work is also underway with a number of Indian companies on investment in Russia, including with Tata Power, which plans to invest in Russia's Far East, Dmitriev said. The company has already received a license for investment in a coal deposit.