Tata Chemicals will set up a Rs.5,000 crore, gas-based urea plant in northern Tripura in association with state-owned ONGC and Tripura government, officials said here Tuesday.
ONGC Chairman Sudhir Vasudeva held a meeting with Chief Minister Manik Sarkar in New Delhi Monday and discussed the matter.
"The ONGC CMD informed the Chief Minister that the Tata Chemicals has been chosen as the private partner to set up the fertilizer project in northern Tripura," a state industry department official told reporters.
The official said ONGC had initiated the process to set up the fertiliser plant to meet the growing shortage of urea, the commonly used soil manure in the northeastern region.
Tata Chemicals is the market leader in the urea and phosphatic fertiliser segments.
ONGC had earlier sought expression of interest (EoI) from companies with relevant experience and track record to be a partner in the proposed gas-based fertilizer plant.
According to an ONGC official, six Indian firms, including government-owned, were keen to participate in the first gas-based fertiliser plant of ONGC.
According to union Minister of State for Petroleum and Natural Gas R.P.N. Singh, it would take around 44-48 months to set up the plant.