Nagarjuna Fertilizers plans to setup overseas plants

Nagarjuna Fertilizers and Chemicals Ltd plans to set up overseas plants and foray into complex fertilisers to encourage growth that is currently restricted by government controls.Nagarjuna has signed an initial agreement to set up 1mn tonne a year urea and ammonia plant in south Iran, estimated to cost around $600mn.
Indian companies sell fertilizers below market rates to farmers, which is not compensation for the difference is often delayed or in the form of bons at discounted rates, which leads them to decide against capacity expansion in country for over a decade. Nagarjuna plans to set up a urea plant in Nigeria and is in talks to tie-up gas supplies in Middle East and other regions.