Deepak Fertilisers & Petrochemicals lines up $160 mn capex with IFC backing

The project is expected to help climate change mitigation efforts by a net reduction of GHG emissions

T E Narasimhan  |  Chennai 

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and Petrochemicals Corporation is planning to invest up to $160 million in capital expenditure. The investment will be backed by a $60 million investment package from the International Finance Corporation (IFC).

The project will help the company ramp up the production and distribution of specialty fertilisers in India. The project will also allow Deepak to increase its IPA production capacity in India by 100,000 million tonnes per annum (MTPA).

Through a mix of quasi-equity instruments, IFC will assist on a greenhouse gas (GHG) reduction plan and the establishment of N2O catalyst conversion devices and the formulation and implementaton of an environmental and social action plan (ESAP).

The project is expected to help climate change mitigation efforts by a net reduction of GHG emissions. This will be achieved by installing N2O catalyst conversion devices at all Nitric Acid manufacturing processes at IFC's engagement will likely contribute to increase competitiveness in the fertiliser sector as the company works on innovation.

and Petrochemicals Corporation Limited and its subsidiaries (DFPCL) is an industrial chemicals and fertilizers company engaged in manufacturing and trading of iso-propyl alcohol (IPA), nitric acid, methanol, technical ammonium nitrate (TAN), compound fertilizers and other chemicals. (STL) is a 100 per cent subsidiary of DFPCL. Deepak also plans to expand its ammonia production capacity through Performance Chemiserve Private Limited (PCPL), a subsidiary of STL.

First Published: Tue, May 21 2019. 12:42 IST