India revives plan to set up 1.3 mln T urea plant in Iran

India produces 22 million tons of urea a year, but has to import 8 million tons more to meet growing domestic farm demand (File photo: Reuters)

India has revived plans to set up a urea manufacturing plant in Iran with a capacity of 1.3 million tons, junior chemicals and fertilizers minister Hansraj Gangaram Ahir said on Tuesday.

Indian and Iranian companies will form a joint venture to set up the plant and output from the unit will be imported into India.

Urea is the most consumed fertilizer in the country, with annual consumption jumping by around 50 percent to 30 million tons over the past decade. India produces 22 million tons of urea a year, but has to import 8 million tons more to meet growing domestic farm demand.

India’s Rashtriya Chemicals & Fertilizers Ltd, Gujarat Narmada Valley Fertilizers & Chemicals Ltd, and Gujarat State Fertilizers & Chemicals Ltd will form the joint venture with Iranian partners, Ahir informed lawmakers in India's lower house of parliament.

The Indian companies have appointed SBI Capital to identify the Iranian partners for the venture, he said.

Indian firms have already tied up with companies in Oman to produce urea.

SHOW MORE
Last Update: Wednesday, 20 May 2020 KSA 09:45 - GMT 06:45
Top