Yara signs HoA with Deepak Fertilisers

摘要

YARA HAS signed a Heads of Agreement (HoA) with Deepak Fertilisers and Petrochemicals Limited (DFPCL) based in Pune, India with the intention of establishing a joint venture company for the production and marketing of technical ammonium nitrate and specialty fertilizers. Yara will own 49% of the planned joint venture. The joint venture's objective is to develop the technical ammonium nitrate market (TAN) in India. The j.v. will include the 300,000t/y TAN plant under construction at Paradip in Orissa on the east coast of India. Indian TAN consumption is approximately 400,000t/y and is growing at about 5-6% per annum, driven by strong coal demand for power generation, Yara said in a statement this week. Deepak is the only major domestic producer of TAN, with a current installed capacity of 140,000t/y. The remaining demand is mostly met via imports.