New Delhi, March 19 (IANS). The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the proposal to set up a new brownfield ammonia-yuia complex in Assam, which will have an annual production capacity of 12.7 lakh metric tonnes (LMT) urea and the total estimated cost of the project will be Rs 10,601.40 crore.
The new project will be set up in the current campus of Brahmaputra Valley Fertilizer Corporation Limited (BVFCL) as Assam.
According to the official statement released after the cabinet meeting, it will take about 48 months to start the Namrup-IV project. The project will be built under the joint venture. It will have a date to equity ratio of 70:30.
The statement further stated that the Assam government will have 40 percent stake in the proposed joint venture, BVFCL will have 11 percent stake, Hindustan Fertilizer and Chemical Limited (HURL) will have 13 percent stake, while National Fertilizers Limited (NFL) and Oil India Limited (OIL) will have 18-18 percent.
This project will increase domestic urea production capacity (especially in the Northeast region) in the country. With this, the increasing demand for urea fertilizers in Northeast, Bihar, West Bengal, Eastern Uttar Pradesh and Jharkhand will be fulfilled.
Energy consumption in the Namrup-IV project will be lower than others. This will also open additional opportunities of employment for the people of the area directly and indirectly.
In addition, this project will also help in achieving the goal of self -sufficiency in terms of urea in the country.
In addition, the cabinet has approved the construction of a 6-lane Greenfield High-speed National Highway from JNPA Port (Pagote) to Chowk (29.219 km) in Maharashtra.
The project will be developed in build, operate and transfer (BOT) mode, which will cost Rs 4,500.62 crore.
The official statement stated that the project will be designed to meet the connectivity requirements of the region and improve connectivity to the JNPA Port and Navi Mumbai International Airport.
The National Highway begins with JNPA Port (NH 348) (Pagote village) and ends at the Mumbai-Pune Highway (NH-48). It also connects the Mumbai-Pune Expressway and the Mumbai-Goa National Highway (NH-66).
-IANS
ABS/
