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Deepak Fertilisers gains on signing deal with Israel’s Haifa Group to promote speciality fertilisers
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
In a filing to the stock exchanges, Deepak Fertilisers said that its wholly owned subsidiary Mahadhan AgriTech Limited (MAL) has entered into an agreement with the Haifa Group of Israel to promote high-performing speciality fertilisers in India.
Deepak Fertilisers and Petrochemicals Corporation Ltd shares gained on Friday, April 19, after the company announced that it has entered into an agreement with Israel-based Haifa Group to drive agricultural innovation in India.
In a filing to the stock exchanges, Deepak Fertilisers said that its wholly owned subsidiary Mahadhan AgriTech Limited (MAL) has entered into an agreement with the Haifa Group of Israel to promote high-performing speciality fertilisers in India.
The company believes this collaboration will help in improving the productivity as well as the quality of the crops produced in different countries, including India.
In a press release, Deepak Fertilisers said that the partnership will significantly contribute to speeding up MAL’s journey in the speciality crop nutrient market.
“This partnership with Haifa Group is yet another milestone in MAL’s journey towards transforming agriculture in India with customised crop nutrient solutions that deliver balanced and precise crop nutrition. Currently, over 6 million hectares of agricultural land are already supported by drip irrigation systems spread over most states,” said Sailesh C Mehta, Chairman and Managing Director of DFPCL.
Metha added that the MAL-Haifa offerings will support agricultural practices that counter the vicious trend of water scarcity and also hugely enhance nutrient uptake and use efficiency in the plants.
Mahadhan AgriTech Limited (MAL) mainly supplies technical ammonium nitrate used in mining, industrial chemicals and crop nutrient fertilisers. MAL caters to critical sectors in the economy, which include mining, agriculture, infrastructure, and petrochemicals.
The agritech arm of Deepak Fertilisers has already been a leading player in transforming India’s agricultural landscape with solutions like customised crop nutrients and precise crop nutrition.
“We aim to proactively address the evolving needs of Indian agriculture and farmer preferences by leveraging the latest technologies. Through this collaboration, we will also take special practices and innovations of Mahadhan Agritech to other geographies in the developing world to improve yields and Agri produce and quality,” said Motti Levin, CEO of Haifa Group.
Haifa Group has been a market leader in the speciality fertilisers sector for more than six decades now with a presence across the world. It has its main production units based in Israel, Canada and France.
Shares of Deepak Fertilisers ended marginally higher at ₹547.3 apiece on Friday.
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