INDIA - In order to meet its fertiliser needs, India will be setting up fertilizer plant in Iran.
The proposal is to set up a urea/ammonia JV Project in Iran with capacity to produce 1.3 million tonnes urea for import to India has been revised, India’s minister of state of the ministry of chemicals and fertilisers, Hansraj Gangaram Ahir, said recently.
The minister said that the plant will be developed under a joint venture agreement which includes Rashtriya Chemicals & Fertilizers Ltd, Gujarat Narmada Valley Fertilizers & Chemicals Ltd, and Gujarat State Fertilizers & Chemicals Ltd from India along with Iranian counterpart.
The Indian companies have appointed SBI Capital to identify the Iranian Partners for the joint venture project.
However, the minister did not disclosed the amount that will be invested in setting up the plant. According to a source the plant will come up at Chahbahar in Iran and India will be investing $794 million.
The issue has been taken up with the Iranian Government to accord importance to the project at par with their domestic projects, the minister concluded.