FFCO has decided to locate its proposed gas-based urea plant in Canada at Becancour Waterfront Industrial Park in Quebec.
Indian Farmers Fertiliser Cooperative Ltd’s Managing Director and CEO U.S. Awasthi said land for the $1.2-billion shale-gas-based urea plant had been identified and earmarked and the cooperative is expected to start feasibility study soon. “We are hopeful of getting environmental clearance in two-three years and expect to begin construction by early 2015,” he said.
IFFCO plans to set up the proposed plant through a consortium. A joint venture, IFFCO Canada Enterprise Ltd, with Canadian firm Pacific Gateway Energy has been formed.
“There is a good response from investors and we are in talks with several of them,” Awasthi said. IFFCO expects to restrict investment in the range of $100 million to $200 million and the rest would be raised through equity and debt.