GSFC to invest in Canadian company

Gujarat State Fertilizers & Chemicals Ltd (GSFC) has announced a strategic investment of approximately C$45 million in Canada-based Karnalyte Resources Inc to ensure potash import for the Indian farm sector’s fertiliser needs. In a filing with the BSE, GSFC informed that it has executed definitive agreements and committed a strategic investment up to C$60 million in Karnalyte Resources Inc (Wynyard Carnallite Project) in Canada to secure long-term supply of potash. In Gandhinagar, the company said its proposed investment of C$45 million was against a committed supply of 3.50 lakh tonnes a year, increasing to six lt a year of potash produced by the KRN’s Wynyard Carnallite Project in Canada for 20 years from the commencement of commercial production. Karnalyte and GSFC have, inter alia, executed a Subscription Agreement & Off-take Agreement with respect to the proposed investment, Atanu Chakraborty, Managing Director, GSFC, said in a statement here.