Good news for farmers! IFFCO to bring new Multi Plant Nutrient fertiliser
Multi-nutrient products like POLY4 are well suited to Indian agriculture and soils with the need to increase productivity per hectare.
Indian Farmers Fertilisers Cooperative Limited (IFFCO), which is the world’s largest processed fertilisers cooperative, has signed a take-or-pay supply agreement with UK based Sirius Minerals Plc for supply of POLY4, a multi-nutrient fertiliser in India, said a statement from IFFCO. Following this understanding, volumes will ramp up to one million tonnes per annum (Mtpa) in year 8 of the 11 year term, with an option subject to mutual agreement of the parties to increase this to 1.25 Mtpa. Pricing is based on nutrient linked formula on a CIF India basis. IFFCO has a break clause after year eight and there is a 10-year extension option subject to mutual agreement of the two parties.
As the demand for fertilisers in India has been growing steadily due to increasing demand for food as the country’s population increases, multi-nutrient products like POLY4 are well suited to Indian agriculture and soils with the need to increase productivity per hectare, the statement said.
Dr. US Awasthi, Managing Director & Chief Executive Officer of IFFCO, said, “POLY4 offers a unique opportunity for IFFCO to help deliver our vision of increasing farmer’s incomes by increasing crop productivity and the balanced use of energy efficient fertilizers. The multi-nutrient characteristics of POLY4 are well suited to Indian soils and, having seen the ongoing crop science work and results, I know that this partnership between Sirius and IFFCO will have an important role to play for farmers for many years to come."
"This is actually in line with IFFCO’s ongoing initiative of balanced nutrition management for soil. A good quality soil will actually help our farmers to increase their yield. This will certainly help in PM’s initiative of doubling the farmers’ income by 2022”. He further added that It will benefit our farmers by increasing their profits in a sustainable way through improved yield and reduced costs," Dr. Awasthi added.
Chris Fraser, Managing Director and CEO of Sirius, however, said, “We are delighted to be embarking a long-term partnership with IFFCO, an organisation with a wide reach and a proud history in India and a substantial profile in the global fertilizer market. POLY4 can undoubtedly have a hugely positive impact on Indian agriculture, both in terms of yields and sustainability and we look forward to working with IFFCO to deliver these benefits for Indian farmers for many years to come.”
Since Indian government is promoting balanced fertilisation with emphasis on micronutrients, the Poly4 product with four essential macronutrients and micronutrient like Boron will help in addressing the nutrient deficiency of soil and cost to the exchequer. Notably, the product is Organic certified in Europe with lower environmental impact.
The agreement provides for a steering committee that will be established to assist both parties in working together to implement the in-country marketing plan for sales of POLY4, including liaising in relation to research and development, the statement added.
Notably, IFFCO is looking forward for its trials on cash crops majorly Orange, Apple, Grapes, Saffron Ginger, Tea & Coffee, and the list will include more crops.