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“This is a step towards backward integration strategy of IFFCO in order to strengthen its phosphate sourcing for manufacturing of phosphatic fertilisers in India,” IFFCO managing director U S Awasthi said in a statement.
Vale SA is the world’s largest iron ore producer.
However, the terms of quantity of supplies would be further discussed, he said.
Fertiliser major IFFCO has reported a nine per cent increase in its profit-before-tax for fiscal 2012-13.
IFFCO has five manufacturing plants in the country. The co-operative has diversified into general insurance and communication businesses through joint venture firms IFFCO-Tokio General Insurance Ltd and IFFCO Kisan Sanchar Ltd.
Vale SA produces and sells iron ore, pellets, manganese, alloys, gold, nickel, copper, kaolin, bauxite, alumina, aluminum, and potash. The Company is based in Brazil, where it owns and operates railroads and maritime terminals.