Jordan Phosphate Mines Company (JPMC) and India's Teesta Agro Industries Limited opened talks to supply the Indian firm with two million tons of phosphate at global rates.

The two companies, which signed a memorandum of understanding on March 21, have also discussed building a phosphoric acid factory expected to cost $400 million.

The JPMC has become a destination for many countries to buy phosphate and a significant exporter of high-quality phosphate fertilizers and phosphoric acid.

The partnership will boost JPMC's competitiveness in the global phosphate market and enhance its exporting capacity and sales, thus positively reflecting on its finances and ability to attract more partners, officials said.