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Fertiliser cooperative firm IFFCO is in talks with the Canadian Government to set up a multi-million dollar urea plant in the North American country.
IFFCO Director Pramod Kumar Singh told reporters here today that the company plans to invest about $800 million in the new plant which will be set up in a joint venture partnership in Canada.
“Our talks are in final stages and we will soon choose a place in Canada where we can set up our urea plant,” Singh said.
He said the plant would enable IFFCO to cut its production cost and the product would be shipped to India. Total capacity of the proposed Canadian plant would be 12.5 lakh tonnes.
In recent years, IFFCO has been showing interest in overseas ventures and setting up new plants. In 2009, the company had entered into a joint venture for setting up Oman India Fertiliser Company (OMIFCO) in the Gulf nation.
Besides, IFFCO has also entered into an agreement with Jordan Phosphates Mines Company to set up a 4.75-lakh-tonne phosphoric acid plant with 52 per cent equity participation.
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