India and Russia Ink $1.2B Mega-Deal for Urea Plant

Russia’s Uralchem JSC has signed an agreement with Indian Potash Ltd. (IPL), Rashtriya Chemicals and Fertilisers (RCF), and National Fertilisers Ltd. (NFL) to set up a 2-million-tonne-per-annum urea plant in Russia, with an estimated investment of $1.2 billion (₹10,790 crore). The plant is slated to begin operations in 2027–28.

The agreement was exchanged in New Delhi between Indian Ambassador to Moscow Vinay Kumar and Russian Ambassador to India Denis Alipov, in the presence of Prime Minister Narendra Modi and President Vladimir Putin.

Emphasising the strategic significance of the partnership, Prime Minister Modi said, “Our close cooperation in the fields of agriculture and fertilisers is vital for food security and farmer welfare. I am pleased that, taking this cooperation forward, both sides are now working together on raising urea production.”

News by Rahul Yelligetti.