Oman India Fertilizer Company (OMIFCO):
KRIBHCO is one of the main sponsors of Oman India Fertilizer Company (OMIFCO) which has a fertilizer plant of capacity 16.52 lakh MTPA of granular Urea and 11.9 lakh MPTA Ammonia at Sur Industrial estate in the Sultanate of Oman. Our investment of US$ 69.5 MM (Equivalent to INR 328.53 Crores) represents 25% of paid up equity capital of OMIFCO.
Sultanate of Oman has committed to supply the gas feedstock for the entire life of the Joint Venture. Government of India has committed to purchase all the urea produced by OMIFCO under a long term Urea Offtake Agreement (UOTA) for 15 years. A highly skilled workforce from KRIBHCO is participating directly in operation and maintenance of the fertilizer plant under a “Personnel Supply Agreement”.
For the Financial Year 2013-14, OMIFCO produced 21.61 lakh MT urea, which is 130.8% of the annual rated capacity of 16.52 lakh MT. With this, OMIFCO has produced more than 172.80 lakh MT Urea since inception. KRIBHCO is handling & marketing 50% of the urea produced by OMIFCO. For the calendar year 2013, OMIFCO paid a dividend of 43.17 % on paid up capital. KRIBHCO received US$ 30.0 MM (INR 183.97 Crores) as dividend income from OMIFCO during the year.
For further details please visit OMIFCO site www.omifco.com