In an interview to CNBC-TV18, Kapil Mehan, managing director of Coromandel International says industry has been requesting for such a move for a long time. "We welcome the step. I think the pilot is going to be run across 8-10 districts in the country for direct transfer of subsidy," he adds.
Below is the edited transcript of his interview with CNBC-TV18's Latha Venkatesh and Ekta Batra.
Q: How positive would this be for the industry in terms of ease in working capital going forward?
A: I think industry has been requesting for such a move for a long time. We welcome the step. I think the pilot is going to be run across 8-10 districts in the country for direct transfer of subsidy. Industry will support in whichever way it can support. We have been involved in this exercise for a long time now.
Q: Would you have some idea as to how many districts or states are up and ready for the system at all? Would it constitute one-two percent of the purchase of urea right away? Can you update us on how much of the infrastructure is ready for this?
A: I think for 10 districts, it is being rolled out. Infrastructure, in terms of software has been made ready. The ground infrastructure in terms of connecting with the dealers and having those biometric readers etc will be done in conjunction with the industry and the government together.
Q: How exactly would this benefit your company in particular? Can you outline the benefits for Coromandel because you all are primarily focused on complex fertilisers?
A: We hope that urea will be dechannelised with this effort. That will directly benefit companies like us.
Q: With regards to other reforms in the sector, what is your expectation, possibly price hike in urea itself by around 10 percent which was being contemplated earlier and maybe even the new urea investment policy, do you expect any movement on that?
A: We are expecting that to happen soon.
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