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

  • Reuters
  • Stock Market News
India revives plan to set up 1.3 mln T urea plant in Iran
Credit: © Reuters.

MUMBAI, March 10 (Reuters) - India has revived plans to set up a urea manufacturing plant in Iran with a capacity of 1.3 million tonnes, junior chemicals and fertilisers 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 fertiliser in the country, with annual consumption jumping by around 50 percent to 30 million tonnes over the past decade. India produces 22 million tonnes of urea a year, but has to import 8 million tonnes more to meet growing domestic farm demand.

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

The Indian companies have appointed SBI (NSE: 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.

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