One of the important announcements made on the occasion of Kribhco’s 36th AGM was setting up of a phosphoric and potassic (P&K) plant in Andhra Pradesh at an investment of Rs 1,000 crore. Chairman Chandra Pal Singh said “ all formalities for setting up of phosphoric and potassic (P&K) fertilizer plant near Krishnapatnam in Andhra Pradesh has been completed.
This will be the first P&K fertiliser plant of the cooperative, which produces urea only and it involves a total investment of Rs 1,000 crore and incentives from the Andhra Pradesh government.
Andhra government has offered power at Re 1 per unit for next ten years, VAT exemption for next seven years and host of other incentives, giving benefit to KRIBHCO of about Rs 500 crore, Yadav noted.
“The land has already been allotted by the state government for the fertiliser plant. The annual capacity of the plant will be about 600,000 tonnes and it will require an investment of Rs 1,000 crore,” he said. The project will be operational in 4-5 years.