State-run fertliser maker RCF is planning to set up a subsidiary 'RCF Videsh' that will specifically focus on ventures and assets abroad where feedstock natural gas is cheap or raw materials like phosphate are available in abundance.
State-run fertliser maker RCF is planning to set up a subsidiary 'RCF Videsh' that will specifically focus on ventures and assets abroad where feedstock natural gas is cheap or raw materials like phosphate are available in abundance.
The plan is on the lines of ONGC setting up ONGC Videsh.
"We are working on setting up a separate arm of Rashtriya Chemicals and Fertilizers (RCF)," a source said.
Also read: Gas price, interest cost still a concern for RCF: CMD Rajan
Senior officials both in RCF and the Fertilizer Ministry have confirmed that the proposal to set up RCF Videsh is under consideration.
Officials said there is a need for an state-run entity specifically focusing on offshore ventures as India imports about 90 percent of its requirement of phosphatic fertilisers like DAP (Diammonia phosphate).
Requirement of potassic fertiliser like MoP (Muriate of Potash) is almost entirely imported. Besides, about 35 percent urea demand is met through imports.
In the last few years, the government has been exploring options of either setting up a plant or get into some agreement with various countries including, Ghana, Togo,
Belarus, Russia, Iran and Iraq to meet its fertiliser demands.
At present, Indian companies have joint ventures in five countries-- IFFCO, Kribhco in Oman, IFFCO in Senegal, Spic in Jordan, Chambal in Morocco and Cormandel, GSFC in Tunisia.
Recently, the RCF had shelved its USD 1 billion plan to set up a fertiliser plant in Ghana as the West African nation had denied assured supply of gas.
RCF has annual capacity of 2.5 MT of urea and 7 lakh tonnes of complex fertilisers and it is also working on increasing its urea capacity.
Rashtriya Chem stock price
On August 11, 2014, Rashtriya Chemicals and Fertilisers closed at Rs 50.15, down Rs 0.3, or 0.59 percent. The 52-week high of the share was Rs 70.75 and the 52-week low was Rs 26.30.
The company's trailing 12-month (TTM) EPS was at Rs 4.53 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 11.07. The latest book value of the company is Rs 47.22 per share. At current value, the price-to-book value of the company is 1.06.
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