New Delhi, India, 26 Sept – Indian state group, Rashtriya Chemical and Fertilizers is planning to build a fertiliser factory in Mozambique, a project estimated to cost US$2 billion, according to website Indiainfoline.
Deepak Singhal, the assistant secretary for the Indian Chemical and Fertiliser Ministry, said in New Delhi that contacts were underway between the Rashtriya group, a South African company and South Africa’s Industrial Development Corporation (IDC).
The IDC has been linked to the funding of large investment projects in Mozambique led by South African investors, such as aluminium foundry Mozal, on the outskirts of Maputo, which is currently the largest company in the country.
“Gas will be supplied by Mozambique and the factory will have a production capacity of 1.2 million tonnes of urea and 650,000 tonnes of phosphates per year,” he said.
Singhal also added that Rashtriya was expected to have a 50 percent stake, and its foreign partners would split the remaining half.
The project is scheduled for conclusion within three to four years, Singhal said. (macauhub)