By: ICN Bureau
Last updated : December 23, 2022 4:31 pm
Meghmani Crop Nutrition is expected to commence the commercial production by Q4 FY24 and projects to achieve a top line of Rs. 1,000 crore on an annual basis
Meghmani Organics Limited (MOL) announces its foray into manufacturing of Nano Urea (Liquid) fertilizer through its wholly owned subsidiary Meghmani Crop Nutrition Ltd (MCNL).
MCNL will incur a Capex of Rs. 150 crore for setting up the plant in Gujarat. The plant's annual capacity is pegged at 5 crore bottles (around 500 ml) per year. MNCL is expected to commence the commercial production by Q4 FY24 and projects to achieve a top line of Rs. 1,000 crore on an annual basis.
The company has entered into a licensing agreement with one of leading domestic fertiliser manufacturers for producing Nano Urea (Liquid) fertilizer by using their domestically developed patented technology.
Nano urea is a revolutionary liquid fertilizer and is effective in enhancing the nutritional quality, crop’s productivity and additionally, it is environmentally safe. India’s urea demand stands at 35 Million Metric Tons (MMT) per annum, of which nearly 29 MMT is produced domestically while the balance is imported. Government of India targets to eliminate India’s dependency on urea imports by 2025 as more farmers adopt the usage of Nano Urea. Additionally, it will help reduce the government's subsidy burden on the conventional urea.
The foray into liquid fertilizer amplifies the growth strategy of the company and in agrochemical division. MOL’s foray into Nano Urea is aligned with the Prime Minister’s vision of Atmanirbhar Bharat and increasing farmers’ income.