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SCCL invited to invest in Ramagundam plant
In a significant development, Singareni Colleries Company Limited (SCCL) has been invited to invest into the Ramagundam fertiliser plant being revived by the central government with an outlay of Rs 5,000 crore.
Centre has announced plans to revive the fertiliser plant with Rs.5,000 crore
Hyderabad: In a significant development, Singareni Colleries Company Limited (SCCL) has been invited to invest into the Ramagundam fertiliser plant being revived by the central government with an outlay of Rs 5,000 crore.
However, the coal miner is likely to take a call on the proposal after weighing pros and cons.
National Fertilisers Limited (NFL), Engineers India Limited (EIL) and Fertiliser Corporation of India Limited (FCIL), all central public sector units, had come forward to re-open the plant. Established by FCIL, the urea manufacturing plant was closed nearly 16 years ago following losses.
Recently in February, the three companies established a joint venture firm, Ramagundam Fertilisers and Chemicals Limited (RFCL), to go ahead with the revival plans. In the JV, NFL and EIL holds 26 per cent stake each while the FCIL owns 11 per cent. They are scouting for partners for the remaining stake.
On Thursday, an official team from NFL and EIL met N Sridhar, Chairman and Managing Director, SCCL, and discussed about the possibility of the coal miner investing in the soon-to-be revived fertilizer plant.
The team led by EIL Executive Director (Projects) V K Malhotra, informed the SCCL chief that the plant would have production capacity of 12.7 lakh metric tonnes of urea annually, against 4.95 metric tonnes earlier. They invited the coal miner to invest in the plant.
In addition, the officials also said that the SCCL could partner with them in the revival plans by supplying 30 MW of power required for the urea plant. They also came up with a proposal to supply ammonium nitrate, a byproduct at the plant, to SCCL for latter’s use in the manufacturing of explosives.
“As it will be a gas-based plant, we will be able to supply the material to the explosive making units of SCCL. With this, the company can reduce its transportation costs as it is bringing the material from 1000 km away in Maharashtra,” the officials were quoted as saying by a statement from the SCCL.
Meanwhile, the SCCL chief asked the visiting officials to put forth detailed proposals on all aspects so that the company could take a decision. “We will take decision keeping in mind the technical and financial requirements,” he said.
Sunil Bhatia, General Manager (Finance & Accounts), NFL, and Ch Narsimha Rao, General Manager (Business Development), SCCL, attended the meeting.
