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Technical team to visit Senegal shortly: Shri Paswan
28
Jan '08
Minister of Mines and Industry, Government of Senegal, Mr. Madicke Niang called on the Minister of Chemicals and Fertilisers and Steel Shri Ram Vilas Paswan in New Delhi.

The two Ministers discussed bilateral issues related to fertilizer sector. Welcoming the Senegalese Minister Shri Paswan underlined the excellent relations between the two countries.

Appreciating the recent efforts made by Government of Senegal and the IFFCO consortium for revival of ICS, Senegal Shri Paswan hoped that this would ensure stability of phosphoric production by ICS in near future.

The Senegal Minister, on behalf of his government thanked Shri Paswan for strong support for the revival of ailing company ICS in Senegal through IFFCO consortium.

He also sought assistance of the Indian government to the tune of US $ 20 million to strengthen and upgrade the railway line connecting the Potash mines with the port.

Shri Paswan assured that the request of Senegal government will be considered in consultation with the Ministry of External Affairs.

Mr Niang also offered another Potash mine in Senegal for development by Indian entities. Thanking Mr. Niang, Shri Paswan indicated that a technical team will shortly visit Senegal to study the mines.

ICS Senegal needed complete financial restructuring with substantial infusion of funds to reduce losses, replace old machinery and wipe out its debts.

The two sides had agreed last month for a revival package for ICS Senegal. Under the plan, IFFCO will infuse $100 million in equity and provide another $100 million as loan over the next three years to revive the company.

The restructuring of ICS Senegal will enhance the availability of phosphoric acid which will result in softening of international prices of raw material.

Secretary, Department of Fertilisers, Dr. J.S. Sarma and the Ambassador of Senegal Mr. Amadou Boucoun were present during the discussions.

Press Information Bureau Government of India


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