In a development that can immensely benefit the fertilizer sector, Rashtriya Chemicals and Fertilizers (RCF), Gujarat State Fertilizer Corporation (GSFC) and Faradast Energy Falat Company (FALAT) have formed a joint venture for an Rs 6,500 crore project to develop 1.3 million ton (MT) urea plant at Chahbahar in Iran.
RCF and GSFC together will hold 51% while the balance 49% will be held by FALAT.
The JV Company has engaged Project & Development India Ltd and has issued expression of interest for the selection of coal gasification technology and it hopes to complete the process in next two months.