The foundation stone of the biggest ever joint venture fertiliser plant between India and Oman was laid near Muscat on Friday. The plant, a joint collaboration of fertiliser companies, IFFCO and KRIBHCO with Oman oil company, involves a total investment of Rs 4,500 crore ($960 million). The new company is known as OMIFCO. Speaking on the occassion Union Chemicals and Fertilisers Minister S. S. Dhindsa said, “It is one of the first gas-based projects conceived in Oman taken up for the implementation and reflects the trust and goodwill that the people and the Oman government repose in the Indian entrepreneurship.’’ IFFCO-KRIBHCO together hold 50 per cent equity and the remaining 50 per cent is held by Oman company. The buy-back arrangement will reduce Indian dependents on the import of fertiliser and meet the growing demand of the farming sector in India.
