New Delhi, Jan 25 (UNI) India today assured Senegal that it would consult the External Affairs Ministry on its request for providing assistance to upgrade the Senegalese railway line connecting the potash mines with the port at a cost of 20 million dollars.
This was conveyed by Chemicals and Fertilisers and Steel Minister Ram Vilas Paswan to Senegalese Mines and Industry Minister Madicke Niang during a discussion on bilateral matters here.
Welcoming the visiting delegation, Mr Paswan appreciated recent efforts by the Senegal Government and the IFFCO consortium for revival of ICS, Senegal to stabilise phosphoricproduction. The restructuring of ICS Senegal will enhance the availability of phosphoric acid resulting in softening of international prices of raw material.
Mr Niang thanked Mr Paswan for strong support for the revival of the ailing ICS in Senegal through IFFCO consortium and offered another potash mine in Senegal for development by Indian entities.
Responding to this, Mr Paswan said a technical team will shortly visit Senegal to study the mines.
ICS Senegal needs complete financial restructuring with substantial infusion of funds to reduce losses, replace old machinery and wipe out its debts. As part of the revival package, the two sides had agreed last month for infusion of 100 million dollars in equity and providing another 100 million dollars as loan over the next three years to revive the company, an official release said.
Dr J S Sarma, Fertilisers Secretary, and Mr Amadou Boucoun, Ambassador of Senegal, were present during the discussions.
UNI SD SB GC1806