02 February 2009 15:55 [Source: ICIS news]
NEW DELHI (ICIS news)--GAIL (India) and the Indian Farmers Fertiliser Cooperative (IFFCO) have signed a memorandum of understanding (MOU) for a joint venture to set up gas-based fertilizer, petrochemical and power plants, the companies said on Monday.
Under the MOU, the two companies would evaluate the prospects of setting up different gas-based projects and sourcing gas for the facilities.
The companies said they would initially carry out feasibility studies of the projects and later incorporate a joint venture to implement them.
GAIL is India’s largest gas marketer as well as a leading petrochemical producer.
IFFCO is the country’s largest fertilizer manufacturer and plans to expand its gas-based urea capacity.
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