International Fertilizer Association (IFA) recently announced Ajay Shriram?s appointment as its president at IFA?s annual conference in Shanghai, China.

Chairman and senior managing director of DCM Shriram Consolidated Limited (DSCL), Shriram is the second Indian to reach this position.

Talking about his new role, Shriram says, ?This is a strong recognition of India?s position in the fertiliser fraternity worldwide, be it as a manufacturer or a consumer. I also feel this is a recognition of our company, in the fertilizers and agricultural field. This role would provide me an opportunity to increase agricultural productivity in a more sustainable and efficient way.?

He plans to focus on promoting efficient use of fertilisers through dissemination of best management practices. He also plans to work towards providing food security by contributing to increase agricultural output, especially in developing countries, besides other things.

He will also encourage IFA members to be responsible in manufacturing and using fertilisers by reducing emissions and imparting knowledge of optimum application techniques to the farmers. IFA will play an important role in demonstrating the importance of agriculture during negotiations of the UN climate change agreement.

The most important need of the fertiliser industry today, he says, ?is to impart last mile delivery of knowledge and products to small and marginal Indian farmers to enable them to improve their productivity and thereby profitability.?

He adds, ?At DSCL also, we are doing the same through our agri-input business and Hariyali rural retail venture, which reaches out to a very large number of farmers across the country.?

Divya Modi gets high on new fund

Spice Finance, the financial services arm of the B K Modi Group, has entered into a joint venture with Singapore-based 3 Degrees Asset Management to unveil the Spice 3 Degrees Special Opportunities Fund.

3 Degrees is a leading investment management firm.

This fund will invest in distressed assets and special situations in India and Southeast Asia. The fund will leverage the specialised skills of Asia?s leading distressed debt manager along with the management turnaround expertise of one of Asia?s best-known entrepreneurs. This unprecedented opportunity will allow institutional and high net worth investors the chance to invest alongside one of Asia?s leading tycoons.

?Spice Finance will invest Rs 500 crore in distressed assets and special situations, as well as other businesses such as remittances and over-the-counter exchanges. The alliance is the first significant step in our goal to achieve a $ 1billion valuation for Spice Finance within the next few years,? said Divya Modi, executive director, Spice Finance.

The objective is to generate long-term capital growth from a diversified portfolio of debt and private equity investments. The fund will focus on control-oriented investments, where board as well as management control can be achieved at the time of the investment.

NVP?s Sohil Chand bets on National Stock Exchange

Norwest Venture Partners (NVP) has signed an agreement to acquire 2.11% equity in the Mumbai-based National Stock Exchange of India Limited (NSE). NVP, a global, multi-stage investment firm, will purchase the shares of NSE for approximately Rs 250 crore in cash from the selling shareholder, ISSL, valuing the exchange at over Rs 12,000 crore.

?The Indian market continues to show great potential and the fundamentals of the Indian economy are strong. NVP is pleased to align itself with the largest stock exchange in India, whose entrenched market position, high liquidity, and national network footprint are incomparable, and future growth opportunities are extremely promising,? said Sohil Chand, MD, NVP India.

?We have a long-term positive view on India. We have chosen NSE because the exchange has amazing management and world class technology. We are looking at sectors like infrastructure, financial services and information technology,? added Chand.

The valuation accorded to the NSE reflects its standing in global markets. While exchange valuations have dropped dramatically in all developed markets, the NSE remains well regarded in terms of quality of operations, management and secular growth.

NVP is a global, multi-stage investment firm that manages more than $2.5 billion in capital out of its offices in Palo Alto, California, Mumbai and Bangalore, and Herzelia, Israel. It makes early to late stage venture and growth equity investments in US and global companies across a wide range of sectors including information technology, business services and financial services, among others. NSE introduced trading in equity derivative products in 2000-01 and in this short span of time has become the largest exchange in single stock futures and ranks fourth in index futures globally.