New Delhi, March 22 (TIWN) Amid possible shortage and cost escalation due to Ukraine-Russia conflict, companies from India and Israel on Monday signed an MoU for the supply of muriate of potash (MOP) for five years.

The MoU between Indian Potash Ltd (IPL), under the Department of Fertilisers, Ministry of Chemicals and Fertilisers, and Israel Chemicals Ltd (ICL) will be for the period 2022 to 2027 with a yearly quantity of 6 to 6.5 LMT.

The MoU would prove beneficial in view of the affected supply chain of potash due to the Ukraine-Russia war and escalating cost of potash and other fertilisers supplied from that region.

"India and Israel share an extensive economic, defence, and strategic relationship based on mutual trust and cooperation. Agriculture sector in India has huge potential and provides ample opportunities to collaborate and innovate. India and Israel should work together in the field of research in fertiliser sector so that it benefits the farming community," Indian Chemicals and Fertilisers Minister Mansukh Madaviya said on the occasion.

The Indian government is committed to increase the agricultural production and income of farmers with judicious use of fertilisers, he said and sought cooperation of Israeli side in improving fertilisers use, and use of alternate environment friendly fertilisers, a release from the Ministry said.

Israel Chemicals Ltd Global President Elad Aharonson hailed the association of his company with India through Indian Potash Ltd. "Israel Chemicals Ltd will be glad to be associated with the efforts being made in India and willingness to develop a deep association for improved technologies, logistics and application in the area of downstream fertilisers," he said.