IFFCO MD Dr U S Awasthi has left for Canada to attend the Board meeting of its overseas subsidiary. Headquartered in Montréal, IFFCO Canada comprises of four partners. It plans to operate a nitrogen fertilizer production plant at Becancour scheduled to be commissioned by 2017.
The project is in collaboration with La Coop federee of Canada.
Announcing his journey Dr Awasthi tweeted “On the way to #Montreal to attend #IFFCO CANADA board meeting.”
While several of his followers wished him a happy journey Mr Tarun Bhargava- the Iffco official being groomed on the lines of Dr G N Saxena tweeted “A Great Visionary Technocrat! Bon Voyage Sir! for IFFCO Canada Board Meeting at Montreal.”
In December last year the IFFCO Canada has said it will have a new arrangement for its project at Becancour. An upswing in construction costs has rammed home the need for a new strategy and for new business partners, a release issued by CEO Manish Gupta had read.
Gupta had claimed this suspension will pave the way for a proper review of the strategy of financing, construction and execution, he said. As construction costs are now estimated to be in excess of $2B, this suspension will allow the shareholders to review the global strategy of financing, construction and execution, the release adds.
The latest position and the possibilities of the project getting commissioned by 2017 would be clear once the MD is back to Delhi.