Indian Delegation to Visit Iran for Business Deal

Indian Delegation to Visit Iran for Business Deal
Sun Aug 30, 2015 18:54:16

An Indian economic delegation is set to visit Tehran next month to finalize a deal to build a urea manufacturing plant in Southern Iran, a report said.

According to a report by Business Standard on Sunday, the Indian delegation will discuss the details of the plant’s manufacturing process which an Iranian partner is expected to contribute to its construction as well.

The joint plant will be launched in the country's Southern Chabahar entailing an investment of $1.029 billion.

It will use Iranian gas as feedstock and the produced urea will be exported to India.

Rashtriya Chemicals and Fertilizers (RCF), Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) and Gujarat State Fertilizers Corporation (GSFC) have been nominated by the Indian government for the joint venture.

India's annual demand of urea is about 30 million tons, while the domestic production is around 22 million tons.

The move by India comes as foreign countries and companies are rushing to do deals with the Islamic Republic after the conclusion of diplomatic talks between Iran and the six powers on July 14 in Vienna.

Dubbed the Joint Comprehensive Plan of Action (JCPOA), the deal would subject the parties to comply with a series of commitments, resulting in the termination of sanctions on Iran in exchange for certain restrictions on Tehran’s nuclear program during a defined period of time.

Experts believe that Iran’s economic growth would rise remarkably after the final nuclear deal takes effect.

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