Kolkata: After acquiring a 10 per cent stake in UB Group's Mangalore Chemicals & Fertilizers recently, Adventz Group chairman Saroj Poddar is now set to invest Rs 4,000 crore in Gulf region's Ras al Khaimah for a urea plant.
The pre feasibility study was going on and a detailed project report (DPR) was underway, Poddar said.
“Once the DPR is final the group will approach banks for financing. We already have the land,” he said.
The plant is expected to have an annual capacity of around 1.5 million tonne, but it will be finalized after the final DPR is ready.The new Fertilizer Policy 2012 has also several enabling provisions to encourage investment in the urea fertilizer arena.
Poddar, who is at the helm of the $ 3 billion Adventz Group, said the agro chemical and fertiliser business contributed the major chunk of its total revenue and this vertical would remain the priority in coming years.
“Over 75 per cent of our revenues come from this business and this will be critical to our growth as a group so we will allot most importance in this business,” he said. Zuari Industries is the flagship company of the group which looks after the fertiliser business. Poddar pointed out that Rs 100 crore had been invested in the Goa unit while Rs 500 crore has been pumped into the Paradip outfit recently.
Owing to volatile prices of raw material in the global market the fertiliser industry had seen poor growth in the last fiscal. “Volatile prices, weak rupee and such issues had made a strong impact on the industry. We too were not out of this, but now prices have stabilized and hopefully this year would be better than last one,” he said.
The group also has other business verticals like infrastructure, services and emerging lifestyle.
Texmaco Rail & Engineering is another company, according to Poddar, which will play a significant role in the companies growth map. The company has started work in Sodepur unit and around Rs 100 crore have been invested already.
“We are the biggest private rail wagon builder and have invested in excess of Rs 100 crore in the Sodepur property. First Rail coaches (in middle of current financial year) and then metro coaches will be built there,” he added.
Ruling out reports of a stake sale in the wagon building business by the promoters, Poddar said, “It is true that railways order inflow has been dry for quite some time but we are committed to this business.”
Speaking of his proposed food park project in West Bengal the chairman said the ball was now in the state government's court and as company he had done everything that was required. “It has been there for quite sometime now. I have met everybody but I am yet to get any response from them. The project is still alive and we will move forward once state gives any further direction,” added Poddar.
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