GAIL, KRIBHCO sign pact to explore $1.6 billion Andhra Pradesh urea project
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓GAIL and KRIBHCO signed a pact with the Andhra Pradesh Economic Development Board on Thursday to explore a $1.6 billion urea project.
- ✓The proposed plant in Srikakulam district aims to produce 1.27 million tons of urea yearly.
- ✓This facility could create many jobs while boosting local infrastructure and industrial growth.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Business Standard
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
GAIL (India) and Krishak Bharati Cooperative (KRIBHCO) have signed a pact with the Andhra Pradesh Economic Development Board to explore setting up a urea plant in the southern Indian state for about ₹135 billion ($1.6 billion), the companies said on Thursday.
KRIBHCO, one of India's biggest fertiliser cooperatives, manufactures and markets urea and other crop nutrients.
The proposed project involves setting up a 1.27-million-ton-per-year urea plant at Mulapeta in Andhra Pradesh's Srikakulam district.
The facility could create 300-400 direct jobs and around 1,000 indirect jobs, while the state government will facilitate land, infrastructure and potential incentives for the project.
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