Proposals to amend NIP under consideration
GK NEWS NETWORK
Srinagar, Mar 13: Department of Fertilizers, government of India, is examining “proposals for amending the New Investment Policy.”
“Various options are under consideration of a committee constituted under the chairmanship of Dr. Sumitra Chaudhari, Member, Planning Commission, as recommended by the Group of Ministers (GoM).”
The New Investment Policy for urea sector is aimed at revamp, expansion, revival of existing urea units and setting up of Greenfield/Brownfield projects.
Based on IPP benchmark the NIP was notified by the government of India on Sept 4, 2008 for urea sector.
“The policy is likely to substantially bridge the gap in next five years between the consumption and domestic production subject to confirmed and adequate availability of gas at reasonable prices.”
The fertilizer Industry has responded positively towards the NIP by initiating investment decision for revamp of existing capacities.
The fertilizer units like IFFCO-Aonla – I & II, IFFCO-Phulpur – I & II, Chambal Fertilizers and Chemicals Limited (CFCL) – Gadepan – I&II, Nagarjuna Fertilizers and Chemicals Limited (NFCL) – Kakinada – I&II and the unit of Tata Chemicals Limited – Babrala have informed regarding availability of additional production of urea after revamp, a PIB handout said.
The expansion and setting up of new plants did not fructify as the companies have been regularly requesting the government for either firm allocation of gas at predetermined fixed prices from domestic gas sources or insulate industry from any additional liability arising due to increase in delivered price of gas by correspondingly increasing the floor prices in the absence of any commitment on allocation of natural gas at fixed prices.
This information, according to PIB handout, was given by the Minister of State for Chemicals and Fertilizers Srikant Kumar Jena in a written reply in the Lok Sabha today.
Lastupdate on : Sun, 13 Mar 2011 21:30:00 Makkah time
Lastupdate on : Sun, 13 Mar 2011 18:30:00 GMT
Lastupdate on : Mon, 14 Mar 2011 00:00:00 IST
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