India looking to set up urea plant in Iran: Gadkari

To cut down on a huge Rs 80,000-crore subsidy on urea, India plans to set up a urea plant at the strategic Chabahar port complex in Iran, Union Road Transport and Highways Minister Nitin Gadkari today said. "I had been to Iran and we are trying to procure gas at a very economical rate. In 2013, they had offered it at the rate of 82 cents, less than a dollar.

We make urea from naphtha. We are trying to set up a urea plant in Iran," Gadkari said. India has pledged to invest about USD 85 million in developing the strategic port located off Iran's south-eastern coast, which would provide India a sea-land access route to Afghanistan bypassing Pakistan.

"Ministries of Chemical & Fertiliser and Petroleum are working on it. Once it is set up, there will not be the need for a huge Rs 80,000-crore subsidy on urea and prices will come down by 50 per cent," he said. The Minister had visited Tehran in May, and both the nations had inked a pact to develop Chabahar port.

Iran's Foreign Minister Mohammad Javad Zarif had called on Gadkari last month. "Iran's Foreign Minister had called on me. Prime Minister Narendra Modi also met their President.