Current Affairs PDF

Indian Potash limited inked MoU with Israel Chemicals Ltd for MoP supply for 5 years

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

Indian, Israeli companies sign MoU for fertiliser supply for five yearsOn March 21, 2022, a Memorandum of Understanding (MoU) was inked between the Indian Potash limited (IPL), under Department of Fertilizers, Ministry of Chemicals and Fertilizers; and Israel Chemicals Limited (ICL).

  • Under this, there will be supply of Muriate of Potash (MOP) from Israel to India for 5 years, 2022 to 2027, with a yearly quantity of 6 to 6.5 LMT (Lakh Metric Tonnes).
  • The documents were exchanged between IPL Managing Director (MD) Dr PS Gahlaut and ICL Global President Elad Aharonson.
  • The MoU was signed in the presence of Union Minister Dr. Mansukh Mandaviya, Ministry of Chemicals and Fertilizers (MoC&F) in Nirman Bhawan, New Delhi (Delhi).

Key Points:

i.This MoU will aid in increasing the availability of MOP in India.

  • Muriate of potash is also known as potassium chloride (KCI) which contains 60% potash. Potash is essential for plant growth and quality. 

ii.It should be noted that ICL is working with IPL in operating a project titled ‘Potash for Life focused on achieving higher fertilizer use efficiency’ to increase the income of farmers.

iii.Indian Government is committed to increase the agricultural production and income of farmers, and sought cooperation of Israeli side in improving fertilizers use, and use of alternate environment friendly fertilizers.

iv.India and Israel already share extensive economic, defence, and strategic relationship based on mutual trust and cooperation.

Other Participants:

Elad Aharonson, Global President, ICL; senior officers of Department of Fertilizers; and Ministry of External Affairs (MEA), among others.

Recent Related News:

On January 24, 2022, India and Israel launched a commemorative logo marking the 30th anniversary of the establishment of diplomatic ties between them which were established on January 29, 1992. The logo was unveiled virtually during an online event in the presence of Indian envoy to Israel, Sanjeev Singla and Ambassador of Israel to India Naor Gilon.

About Indian Potash limited (IPL):

Board of Directors’ Chairman– Sundeep Kumar Nayak
Head Office– Chennai, Tamil Nadu