HIL to foray into fertiliser biz, eyes Rs 350 cr sale

State-run agrochemical firm HIL is looking to foray into the fertiliser business in the next fiscal and aiming Rs 350 crore from sales in this segment over the next two years.
The Department of Fertilisers has already certified Hindustan Insecticides Ltd (HIL) as importer of decontrolled phosphatic and potassic fertilisers.
"The HIL is looking at sales of Rs 200 crore from phospharic and potassic (P&K) fertiliser and another Rs 150 crore from urea in the next two financial years," a source said.
The company is in talks with other urea manufacturing PSUs including National Fertilisers and Rashtriya Chemicals and Fertilisers for marketing of the soil nutrient.

While, it will import the P&K fertilisers on its own, the source added.
At present, HIL has three plants one each at Cochin, Bathinda and Rasayni with a combined capacity of 30,000 kilo litres per annum of pesticides.

The company also has plans to expand its current capacity. To finance its expansion plans, the company is also looking to sell its 5.6 acres land in the national capital for around Rs 350 crore.
The land is located at Zakhira near the Delhi-Rohtak road.
HIL was incorporated in March, 1954 for supplying DDT for National Malaria Eradication Programme launched by the government.

Subsequently, the company diversified into agro pesticides to meet the requirements of agriculture sector and has grown manifold with a turnover of about Rs 340 crore in the last financial year.