Indian agrobusiness buys stake in potash company

Gujarat State Fertilizers & Chemicals (GSFC; Vadodara, India), an agrobusiness that produces and sells fertilizers and industrial products, announced it has agreed to purchase a stake in Karnalyte Resources (Calgary, AB), 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 2 companies also made an agreement for GSFC to purchase about 350,000 m.t./year of potash from phase 1 of Karnalyte’s Wynyard Carnallite...

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