Archean group to set up Kutch Fertilizers project

Details: Category: Tamil Nadu Fertilizer Projects

Archean group, a Chennai based group company is to set up a fertilizer project to manufacture Sulphate of Potash (SOP) from sea bitterns and lime. The technology for the project has been sourced from Central Salt & Marine Chemicals Research Institute, Bhavnagar. As a by-product the project will also produce high grade magnesia refractory. Sources state that the required land for the project has also been acquired. The initial production will be 3000 tonnes per annum and will be scaled to 3 lakh tpa later. Technical knowhow is also sourced from K+S of Germany

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The project has achieved financial closure for the total project cost of Rs. 5650 million. It is lead by a consortium of banks lead by Bank of India, Bank of Baroda, Allahabad bank with SBI Captial Markets being the sole financial manager and debt arranger. Being a non organic production process, the project is also entitled to government subsidy. The project is expected to go operational by 2nd half of 2012. SOP is the favoured fertiliser for non-herbaceous crops that are sensitive to chloride. In India, this chemical is mainly used by tobacco farmers and there is ready demand for Sulphate of Potash (SOP) in India and abroad.