Managing Director of Indian Potash P.S. Gehlot said that the consultant for the proposed plant in Russia, the state-owned Projects and Development India, submitted the pre-feasibility report last week.
"The urea plant should be ready in the next two years," Gehlot told Financial Express.
Three Indian state-owned companies IP, Rashtriya Chemicals and Fertilisers, and National Fertilizers, are expected to take a decision on the pre-feasibility report soon, Gehlot added.
The proposed plant will serve as a stable and reliable source of urea supply for India, he emphasized.
The project is a 50:50 joint venture between Russia’s Uralchem and India’s IP, RCF, and NF and is expected to be built in Tolyatti area of Samara region in Russia.
This will be the largest joint venture project of its kind since the Russian joint venture 'Oman India Fertiliser' with IFFCO and Kribhco.