- Foray into manufacturing of Nano Urea (Liquid) Fertilizer through its Wholly Owned Subsidiary (WOS) Meghmani Crop Nutrition Ltd (MCNL)
According to the company’s website news release on December 23, 2022, Meghmani Organics Limited (MOL) announced that MCNL a wholly owned subsidiary has entered into a licensing agreement with one of leading domestic fertiliser manufacturer for producing Nano Urea (Liquid) Fertilizer by using their domestically developed patented Technology.
Nano urea is revolutionary Liquid Fertilizer and is effective in enhancing the nutritional quality, crop’s productivity and additionally, it is environmentally safe. India’s urea demand stands at 35 Million metric tons (MMT) per annum, of which nearly 29 MMT is produced domestically while the balance is imported. Government of India targets to eliminate India’s dependency on urea imports by 2025 as more farmers adopt the usage of Nano Urea. Additionally, it will help reduce Government’s subsidy burden on the conventional urea.
MCNL will incur a capex of INR 150 crore for setting up the plant in Gujarat. The plants annual capacity is pegged at 5 crore bottles (~500 ml) per year. MNCL is expected to commence the commercial production by Q4 FY24. MNCL projects to achieve a top line of INR 1,000 crores on an annual basis.
Foray into Liquid Fertilizers amplifies the growth strategy of the company and in agrochemical division. MOL’s foray into Nano Urea is aligned with the Prime Minister’s vision of Atmanirbhar Bharat and increasing farmers’ income.
For additional information visit at www.meghmani.com
Gurjant Singh Chahal, CFO ir@meghmani.com
Bharat Mody, Advisor IR Strategies bharat.mody@meghmani.com
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Published on December 30, 2022 5:11 PM (GMT+8)Last Updated on December 30, 2022 5:11 PM (GMT+8)
