Mangalore Chemicals and Fertilizers Ltd (MCF) Chairman Vijay Mallya, on Thursday, said the company had requested the Centre to continue with the subsidy policy for naphtha-based plants until GAIL (India) began supplying gas to them.
Speaking to presspersons after the annual general meeting of the company here, he said MCF had invested about Rs.300 crore in converting naphtha to gas feedstock.
“We are absolutely ready… but it seems that the gas connectivity would be at least two years late,” he said, referring to the slow progress made by the Kochi-Mangalore natural gas pipeline of GAIL.
The industry, he replied to a query, was eagerly awaiting a comprehensive fertilizer policy that would provide clarity going forward.
“It will enable fertilizer companies to plan their businesses for the future, including expansion.”
About the open offers of Deepak Fertilizers and the combine of Zuari Agro Chemicals and UB group, he said Zuari was a better partner since it had a similar product profile and was geographically and conveniently located to MCF.
“SEBI approval has come and the Competition Commission of India approval is hopefully expected in the very near future,” he said.
