Fertiliser Sector Current Affairs - 2019
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Norwegian fertiliser giant Yara International has announced completion of its acquisition of Tata Chemicals’ 1.2 million tonnes per annum production capacity urea plant at Babrala in Uttar Pradesh.
The Rs. 2,682-crore acquisition deal includes transfer of all assets and liabilities (including working capital) relating to Babrala unit. It marks first foreign direct investment (FDI) in India’s highly regulated urea sector.
The acquisition represents a major step of Yara as it deepens its footprint in India, world’s second largest fertiliser market after China. Moreover, a greenfield urea-ammonia plant of this size at Babrala will entail a setting up cost of $1 billion.
Yara is headquartered in Oslo, Norway. Current it does annual sales of $35-40 million in India. Much of it comprises premium micronutrients, complex and water-soluble fertilisers used in high-value crops such as banana, grapes, apples, sugarcane, chilli and vegetables grown mainly in Maharashtra, Karnataka, Andhra Pradesh and Himachal Pradesh.
Prime Minister Narendra Modi laid the foundation stone of All India Institute Of Medical Sciences (AIIMS) and revival of fertilizer factory plant in Gorakhpur, Uttar Pradesh.
The fertilizer factory plant belongs to the Fertiliser Corporation India Ltd (FCIL) and was lying idle since 1990s. It would be revived through a special purpose vehicle (SPV) of public sector units (PSUs) at an estimated cost of 6,000 crore Rupees.
NTPC, Coal India Limited (CIL) and Indian Oil Corporation Ltd (IOCL) have formed a joint venture in this regard. The plant is expected to offer 3,000-4,000 jobs to skilled workforce in the state and will also ensure easy availability of urea to farmers.
- The establishment of new AIIMS in Gaurakhpur will serve the dual purpose of providing super-specialty health care to the population.
- Besides, it will also create a large pool of doctors and health workers that can be available for primary and secondary level facilities being created under National Health Mission (NHM).
- The hospital at AIIMS will have a capacity of 750 beds and will also include emergency or trauma and AYUSH sections.
- The AIIMS will be set up under Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) which aims at correcting the regional imbalances in availability of affordable and reliable tertiary level healthcare in the country.
- PMSSY also seeks to augment facilities for quality medical education in backward states.