The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the signing of Memorandum of Understanding with Malaysia on development of a Urea and Ammonia manufacturing plant in Malaysia with off take to India and/or off take of existing surplus Urea from Malaysia to India.
The project is expected to cost US$ 2.1 billion with capacity to produce 2.4 million tonnes of Urea and 1.35 million tonnes of Ammonia per annum and dedicated supplying to Indian market.
The signing of MoU will ensure consistent supply of Urea and Ammonia to cater the need of the country at a lower price, if agreed to by both the participants.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)