India, March 19 -- The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the establishment of a urea plant in Assam at an estimated cost of ?10,601.4 crore. The initiative aims to reduce urea imports and enhance India's self-sufficiency in fertilizer production.
The project involves setting up a new brownfield Ammonia-Urea Complex with an annual production capacity of 12.7 lakh tonnes within the premises of Brahmaputra Valley Fertilizer Corporation Ltd (BVFCL) in Namrup, Assam. The plant will be developed through a Joint Venture (JV) with a debt-equity ratio of 70:30 and is expected to be commissioned within 48 months.
The cabinet has also approved National Fertilizers Ltd's (NFL) participation with an 18% equity stake,...