Topsoe has signed a shareholder agreement for a 11.7% stake in the Ramagundam fertilizer plant in Telangana, India, together with the Danish government-owned fund IFU and The Danish Agribusiness Fund (DAF).
The partners have agreed on a shared investment in the Ramagundam fertilizer plant, which is scheduled to begin operation in the second quarter of 2019 as the first of the revival projects.
The Ramagundam project comprises 2200 million tpd of ammonia and 3850 million tpd urea plants. The new plant is part of the Indian government’s revival plan for the domestic fertilizer sector to ensure self-sufficiency in urea fertilizers. Three out of the four current fertilizer plant revival projects are based on Topsoe’s world-leading ammonia technology, including Ramagundam.
Topsoe’s uninterrupted dedication to the Indian fertilizer industry for more than five decades has made the company the largest supplier of process and catalyst solutions in the Indian market.
“Topsoe has a long-standing presence in India, where our world-leading ammonia technologies have been instrumental in building a domestic fertilizer industry,"said Amy Hebert, Executive Vice President and Deputy CEO, Topsoe. "Today, we are proud to expand our engagement in the revival process by becoming an active investor in the Ramagundam plant together with our extremely competent Indian and Danish partners. This is yet another important step in the Indian government’s efforts towards self-sufficiency in urea production and as a consequence, food security,” said Amy Hebert, Executive Vice President and Deputy CEO, Topsoe.