As part of its efforts to add more products to its portfolio, Gujarat Narmada Valley Fertilizers Company Ltd (GNFC) has drawn up an an ambitious growth plan involving investment of around Rs 4000 crores over the period of next five years.
At present, the company is in the process of implementing six projects with an estimated investment of Rs 3,600 crore. Of these six projects, four include weak nitric acid-II, concentrated nitric acid-III, ethyl acetate, co-generation power and steel units. All the four projects are expected to be mechanically completed and commissioned by December, 2010.
Apart from this, the state-run company is also executing toluene di-isocynate project with capacity of 50,000 metric tonnes per annum (MTPA) at Dahej and they are slated to be completed by December 2011.
As per the policy of Government of India, GNFC has firmed up plans to take up ammonia plant feed stock conversion project. The total fixed cost of the project is Rs 1,552 crore including capital cost, which will be be reimbursed by the Government of India over a period of five years. However, initial investment for this project is to be arranged by the company. This project is expected to be complete by June 2012.
“In addition to the above projects, GNFC is also planning to set up polycarbonate group of projects and elastomer group projects at Dahej. These projects include additional products like ABS, SBR and PBR in a joint venture of Gujarat State Fertilisers and Chemicals Ltd. (GSFC) and Gujarat Alkalies and Chemicals Ltd. (GACL). In order to execute these projects, broad based feasibility report is being prepared,” said AK Joti chairman, GNFC, while speaking at the company's 34 annual general meeting (AGM) in Bharuch today.
According to Joti GNFC sold 10.30 lakh metric tonnes (MT) of fertilisers during the fiscal 2009-10. As a part of its trading activity, the company handled and sold 1.13 lakh MT of imported urea. The state PSU also handled 6,67,589 MT of industrial products during the year by registering an increase of around 26 per cent over the previous financial year 2008-2009.