NEW DELHI | May 31, 2016: Country's largest potash firm IPL today announced cut in prices of MoP by Rs 50 to Rs 750 per bag of 50 kg, effective from tomorrow.

At present, the company is selling Muriate of Potash (MoP) at Rs 800 per bag.

"We have reduced the MoP prices by Rs 50. The new rates will be effective from June 1," Indian Potash Ltd (IPL) Managing Director P S Gehlaut said.

The prices are reduced for the MoP used by farmers for agriculture purpose only.

Potash strengthens plant roots and boosts drought resistance. Its prices have come down at less than half its 2009 peak amid a supply glut caused by weak demand and the addition of new production capacity across the globe.

India imports the entire requirement of Potash from countries like Russia , Canada , Israel and others. The annual demand of the country is about 31 lakh tonnes.

IPL accounts for about 50 per cent of the total country's potash market. The company annually sells more than 15 lakh tonnes.

IPL has also diversified into dairy, cattle feed, sugars and rural warehousing.

(Source: http://economictimes.indiatimes.com/)