Pune-based Deepak Fertilisers and Petrochemicals Corporation said on Monday it would be investing Rs 400 crore (Rs 4 billion) to set up a greenfield ammonium nitrate plant in Paradip in Orissa. "The plant will have a capacity of 3-lakh (3,00,000) tonne ammonium nitrate per annum and will be operational by mid-2009," S C Mehta, Vice-Chairman and MD, Deepak Fertilisers told reporters in Pune.
The company already has a 1-lakh tonne (1,00,000) per annum plant in Taloja near Mumbai. Mehta said the company was close to acquiring land for the project and the construction work would commence soon.
The funding for the project will be partly through internal accruals and debt, he informed.
"We have a strong fund reserve and we will invest mostly from internal accruals but there may be a need to raise some debt as well," he said.
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