Mumbai: Urea maker Nagarjuna Fertilizers & Chemicals Ltd plans to set up overseas plants and foray into complex fertilizers to spur growth that is currently restricted by government controls.
“We have strong project capabilities, but there is a retrograde policy in India,” CEO and director R. S. Nanda told Reuters in a telephonic interview. “In any other country, we would be making 20 times more profit.”
Nagarjuna plans to set up a urea plant in Nigeria with a maximum capacity of two million tonnes, and is in talks to tie-up gas supplies, he said. The company is also looking for gas supplies in the Middle East.
The Hyderabad-based company has signed an initial agreement to set up a one million-tonne a year urea and ammonia plant in south Iran, estimated to cost $600 million.The negotiations for gas should take 3-6 months, he said.