In a step ahead which can be of significance for fulfilling India’s fertiliser demand with a domestic partnership abroad, the Indian Farmers Fertiliser Cooperative (IFFCO) today announced an agreement of intent with La Coop fédérée, an agriculture cooperative from Canada to establish a urea production plant in Bécancour in Canada.
The plant’s construction is scheduled to begin in 2014, which is awaiting for various clearances by the local government. The urea manufacturing is expected to begin in 2017.
The total combined investment for the project would be $1.2 billion.
The announcement was made while the International Summit of Cooperatives is being held in Québec City, bringing together more than 2,000 cooperatives from all over the world.
La Coop Federee is an agriculture cooperative society in Canada.
“This investment allows two large agricultural leaders and, even better, two cooperatives (La Coop Federee and IFFCO), from two large agricultural economies, to play a central vital role in a rapidly-changing agricultural industry,” said Dr U S Awasthi, Managing Director of IFFCO.
India consumes Urea up to 30 million tonnes of which 22 million tonnes id produced domestically while the rest is imported.
