IFFCO partners with Canadian firm to build $1.2-bn fertiliser plant in Quebec
11 Oct 2012
Indian Farmers Fertiliser Cooperative (IFFCO) and Canadian agricultural cooperative La Coop Federee yesterday signed an agreement to build a fertiliser plant in Becancour in Quebec province for the production of urea at an approximate investment of $1.2 billion (Rs6,360 crore).
The announcement has come in the context of the international summit of cooperatives, which is being held in Quebec City, bringing together over 2,000 high-ranking cooperative officials from around the world.
Construction of the nitrogen fertiliser plant is expected to begin in 2014 subject to obtaining the required approvals. The companies target to begin urea production from the plant in 2017.
The plant is expected to create around 500 jobs during construction and 200 permanent positions thereafter.
New Delhi-based IFFCO is one of the world's largest fertiliser cooperatives operating five fertiliser plants in India besides holding participating interests in plants in Oman, Jordan and Senegal.
IFFCO said that it has decided on the Becancour industrial park site after visiting 50 sites in North America due to its strategic location, access to a port and a railway, and the ease of supplying it with natural gas pipeline.