The state-run Rashtriya Chemicals & Fertilisers(RCF) has kicked off its plan to invest over Rs 6,000 crore ($1.3 billion) in Mozambique. A high-level team led by the fertiliser secretary Atul Chaturvedi comprising RCF CMD US Jha and other directors on Friday left for Mozambique to work out details about the proposed investment.
Sources from RCF said, ?RCF is keen on investing in Mozambique, provided the authorities commit necessary land and guarantees gas. RCF will explore all opportunities to set up phosphoric acid and granulation unit, in collaboration with Industrial Development Corporation of South Africa, a government-owned development finance outfit, and Foskor which is a major player in mining sector there.
The proposed JV is for the supply of 6.50-lakh tonne rock, which would then be railed to Mozambique where phosphoric acid production and granulation would take place.? Sources said Indian companies such as Gujarat Narmada Valley Fertilisers Company (GNFC) and National Fertilisers Ltd (NFL) and NMDC may also join in the implementation of the upcoming project. RCF sources added, ?The visit is a exploratory one so that it helps materialise the proposed investment plan.? Besides, phosphoric acid and granulation unit, the Mozambique authorities have indicated that RCF can also be involved in the development of its mining and infrastructure capacities.
Sources admitted RCF?s initiative is in line with the department of fertiliser?s move to explore investment opportunities abroad. The fertilisers minister Ram Vilas Paswan has held series of departmental meetings in this regard to identify possible destinations for such investments.