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A consortium led by Indian mining company NMDC has signed a memorandum of understanding with Russian fertiliser producer Acron to acquire a 30% stake in its $2bn potash mine project.

NMDC will have 15% interest in the project, while Rashtriya Chemicals and Fertilizers (RCF), Kribhco, FACT and National Fertilizers will share the remaining 15%, reports Business Standard.

Verkhnakamsk Potash Company (VPC), a subsidiary of Acron, is undertaking the project to develop the Talitsky Potassium-Magnesium deposit in Perm Krai, Russia.

According to an official statement, the agreement was signed by NMDC chairman and managing director Narendra Kothari and Acron senior vice-president Alexander Popov.

"Indian Potash is a major importer of potash while Russia and Ukraine are major suppliers."

Potash was imported at an average price of $390 per tonne in 2013-14.

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Indian Potash is a major importer of potash while Russia and Ukraine are major suppliers.

Said to be a decontrolled fertiliser, potash is any of various mined and manufactured salts that contain potassium in water-soluble form.

The product is primarily used in the form of Muriate of Potash (MoP) by farmers as soil nutrient, as well as in the manufacturing of complex NPK fertilisers.

Image: Acron’s production facility. Photo: courtesy of Acron.