The joint venture fertiliser project of Krishak Bharati Cooperative Limited (Kribhco) and Morocco's OCP is set to launch construction work at Andhra Pradesh's Krishnapatnam in the next few months, Moroccan officials said on Tuesday.
The two entities had entered into a 50:50 joint venture to develop a large-scale greenfield NPK (nitrogen, phosphorus and potassium) fertiliser plant and the initial investment for the project was estimated at $230 million.
"We have three joint ventures and the fourth one is coming up in India. The fourth joint venture would entail an investment of $230 million," Morocco's Transport and Logistics Minister Abdelkader Amara, told reporters here after interacting with CII members.
The plant is expected to have an annual production capacity of 1.2 million tonnes of NPK fertiliser.
"Currently, the project is under engineering study and by June-July (in 2018) work on the plant should begin," said Morocco's Ambassador to India Mohamed Maliki.
According to Amara, the project would strengthen the economic relations between India and the North African nation.
--IANS
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