The Maharashtra government inked a memorandum of understanding (MoU) with US-based Stonetek Energy Pvt Ltd to set up a urea manufacturing plant in Chandrapur district.
With total investment of Rs 6,500 crore, the plant is set to come up at Bhadravati tehsil of the district, which has major stocks of coal, Maharashtra Chief Minister Devendra Fadnavis said.
Fadnavis along with Union minister of State for Home Hansraj Ahir, who hails from Chandrapur district, were present when the pact was signed.
Richard Harold Stone, Chairman of Stonetek, inked the pact for the plant. Stonetek, is a subsidiary of US-based Environmental Energy and Finance Corporation Ltd.
The technology -- Coal Based Fertilizer Manufacturing with Coal gasification technology -- is going to be implemented for the first time in the country, with lower production cost and minimal emission, Ahir said.
The existing urea manufacturing plants are either gas based on naphtha based -- both having higher production cost.
It would take 36 months to commence the plant, he added.
"Post MoU, feasibility study followed by environment impact assessment would be undertaken. The technology is eco-friendly and being implemented in Chandrapur as a pilot plant. Once it is successful, it could be replicated elsewhere," Stone said.
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