From correspondents in Delhi, India, 11:01 PM IST

Indian Farmers Fertiliser Cooperative Ltd (IFFCO) announced Wednesday that it will invest $100.5 million in the Australia-based mining and agriculture resource development company Legend International Holdings (LIH) to buy a significant stake in it.

According to the deal, IFFCO will receive 30 million shares in LIH and will be directly involved in the financing and facilitation of the Australian company's phosphate mining and shipments to India, the company said in a statement.

The Indian fertiliser major will also purchase and distribute four million tonnes of concentrated rock phosphate through its farming network.

IFFCO managing director U.S. Awasthi will join the board of LIH.

LIH chairman and CEO Gutnick Joseph Issac said: 'I am very excited by the opportunity to work with IFFCO, a cooperative representing 50 million farmers, and the largest fertiliser company in the burgeoning Indian market.'

(Staff Writer, © IANS)