the Epitome weekly- Newsletter

Issue: 0830| Tuesday, July 22, 2008

IFFCO picks up majority stake in Legend International for USD 100.5 mn

July 16, 2008

Indian Farmers Fertilisers Coperative Ltd. (IFFCO) today said that it has picked up a significant stake in Australian mining firm Legend International Holdings for USD 100.5 mn. IFFCO will purchase 15 mn equity shares from the company and also have an option to purchase 30 mn more shares in a phased manner to fund the project’s capital expenditure plans.

IFFCO has also signed an off-take agreement with Legend whereby it will buy 4 mn tonnes of rock phosphate and distribute the same through its network of 50 mn farmers. It will form around 80% of Legend's total output.

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