Under the deal, NMDC will have 15% stake in the project while Rashtriya Chemicals and Fertilizers and others will have the remaining 15% interest, reported Business Standard.
The agreement was signed by NMDC chairman and managing director Narendra Kothari and Acron senior vice-president Alexander Popov.
The project is being managed by Acron’s subsidiary Verkhnakamsk Potash Company, to develop the Talitsky Potassium-Magnesium deposit in Perm Krai.
In 2013-14, India imported three million tons of potash at an average price of $390 per ton.
Potash is a decontrolled fertilizer and is primarily used in the production of nitrogen, phosphorus, potassium fertilizers.
