Honuoring its commitment made in the last AGM –the second biggest player of fertilizer in India Kribhco announced a Joint Venture with the world renowned and Morocco based OCP at a media event organized in upscale Tajman Singh Hotel in N Delhi on Friday.
The State Union Minister Manshukh Mandaviya, invited as the chief guest on the occasion lauded the role being played by Kribhco in providing crucial inputs to farmers of the country. “This is not only business; this has to do with ensuring sufficient food grains in stock; it’s a matter of food security for the nation”, Mandaviya said invoking the dream of Prime Minister Narendra Modi’s “Make in India” in the process.
Earlier, speaking on the occasion Kribhco Chairman Chandra Pal Singh Yadav said “Kribhco and OCP are pleased to inform that they are entering into a 50:50 joint venture to develop a large scale greenfield NPK fertilizer plant in the port city of Krishnapatnam in Andhra Pradesh.
Kribhco MD Sambasiva Rao earlier informed the media that the fertilizer plant would require an initial investment of $ 230 million (Rs 1540 crore) and will have an annual production capacity of 1.2 million MT of NPK fertilizer. The project also included logistic infrastructural development in the region.
From the OCP side its MD (Industrial Operations) Mr Mustapha El Ouaf and ED Finance Ms Ghislane Guedera were present. Speaking on the occasion Mr Ouaf said “this venture is a testimony to a growing relationship between two the countries. It is not only business as India was one of the first countries which recognized the state of Morocco in 1956. We have been contributing in the development of the fertilizer sector in the country since 1940”, he said.
Kribhco MD informed Moroccan rocks contain high grade sulphuric acid which would be imported for the plant.
Lauding the role of cooperatives such as IFFCO and Kribhco in managing their show so well Minister Mandaviya said being farmers’ controlled they inspire hope in us. He also chose the occasion to pat his govt on the back for several new initiatives such as soil health card, neem-coated urea etc.
Chandra Pal Singh said Kribhco has membership of more than 10 thousand farmers’ cooperatives and has been producing urea so far. Now with the help of OCP we would serve NPK and DAP to the farmers. We also intend to invest in Morocco in future and I have informed the Minister about this, Yadav added.
Andhra govt has announced a slew of steps to help the project. More than 286 acres of land has been acquired and the first batch of commercial production would start from April 2019, underlined MD Rao.
Several others present on the occasion included V R Patel, Vice President of Kribhco , Gajendra Bhujbal, Additional Secretary in Fertilizer and Chemical Ministry, Resident Commissioner of AP in Delhi, Bijender Singh, NCCF Chairman ,Sunil Singh, Biscomaun Chairman and others.