IHS Chemical Week

Indian agribusiness purchases stake in Canadian potash firm

11:15 AM MST | January 11, 2013

Gujarat State Fertilizers & Chemicals (GSFC; Vadodara, India), an agribusiness that produces and sells fertilizers and industrial products, announced it has agreed to purchase a stake in Karnalyte Resources Inc. (Calgary, Canada), an extractor and developer of agricultural and industrial potash and magnesium products. GSFC will make an investment in Karnalyte of about $45 million at $8.15/share resulting in a 19.98% ownership. The two companies also made an agreement for GSFC to purchase about 350,000 m.t./year of potash from “phase one” of Karnalyte’s...

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