Fertilisers And Chemicals Travancore (FACT) is negotiating a three-year contract to purchase rock phosphate from Togo, aiming to diversify its supply sources. The deal would mark the first long-term fertiliser agreement between an Indian company and the African nation.
Annual Procurement of 2,50,000 Metric Tons
FACT plans to procure 2,50,000 metric tons of rock phosphate annually from Societe Nouvelle des Phosphates du Togo (SNPT) for three years. However, both FACT and SNPT have yet to respond to Reuters’ email inquiries regarding the deal.
Indian Firms Seek Stability in Fertiliser Imports
Indian companies are actively pursuing long-term fertiliser import agreements to mitigate price fluctuations and secure a steady supply of essential soil nutrients. These imports are crucial for India’s vast agricultural sector, which contributes 15% to the country’s $2.7 trillion economy.
Growing Trade Between India and Togo
FACT recently signed a non-binding agreement to source rock phosphate from SNPT. Over the years, India’s imports of rock phosphate from Togo have steadily increased, with most transactions occurring on a spot basis. As reported by business-standard.com, the potential long-term contract would further strengthen trade ties between the two nations.
