"PhosAgro is one of the few fully integrated phosphatic fertilizer plants… Thus, by signing a deal with such a producer, we are assured of uninterrupted supplies as per our requirement," P.S. Gahlaut said.
He added that the Russian company maintaining full control over raw materials means that "their finished fertilizers do not ever have any quality complaints."
In Thursday's statement, PhosAgro Chief Executive Andrey Guryev said sales to India renewed following an almost two-year hiatus after prices rebounded.
"It is difficult to predict the pricing for such a long period but at current market rates of these products, the deal is worth Rs.3500 crores [$548 million]," Gahlaut told Sputnik.
The IPL managing director emphasized the importance of stable prices for nutrient-based fertilizers, something that can be accommodated by PhosAgro.
IPL is India's largest fertilizer importer with annual volumes exceeding 10 million tonnes spanning some six decades.
PhosAgro, meanwhile, is one of Europe's largest producers of phosphate-based fertilizers and is second only to China in monoammonium and diammonium phosphate (MAP and DAP, respectively) fertilizer production.