11 December 2012 14:12 [Source: ICIS news]
AGRA, India (ICIS)- Indian Farmers Fertiliser Co-operative (IFFCO) plans to apply for an environmental clearance for its $1.24bn (€955m) urea fertilizer plant in Becancour, northeast of Montreal in Canada, by February next year, Us Awasthi, IFFCO’s managing director said on Tuesday.
"The signals are positive and I don't see any issues with getting an environmental clearance," Awasthi said on the sidelines of the Fertiliser Association of India conference in Agra.
Typically it takes a year for a company to get an environmental clearance for its project.
Quebec agricultural cooperative La Coop federee and Quebec Investment Fund are partnering with IFFCO to build the plant. Both firms own a 10% stake each in the plant.
IFFCO is also scouting for other partners for the project, including pension and wealth funds, private equity investors and Indian investors. However, the company is keen to remain a majority member in the project.
"We are a cooperative firm, so the more partners the better. But we will remain the majority stakeholder. If 11% makes us the majority partner that is fine," Awasthi said.
Construction at the plant is expected to begin in 2014, while production is likely to start by 2017.
La Coop federee would take off about 40% of the plant’s 1.2m tonne/year capacity, with the remainder is to be sold on Canadian and US markets.
($1 = €0.77)
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