Meghmani Organics Limited’s wholly owned subsidiary MCNL has signed a licensing agreement with one of India’s leading domestic fertiliser manufacturers to produce nano urea fertiliser, the company said on December 23.
Nano urea is a liquid fertilizer and is effective in enhancing the nutritional quality, crop’s productivity and is environmentally safe.
MCNL will incur a capex of Rs 1.5 billion for setting up a nano urea plant in Gujarat, the company said in a statement.
The plant’s annual capacity is pegged at 50 million bottles (500 ml) a year.
MNCL is expected to commence the commercial production by Q4 FY24 and will achieve a top line of Rs 10 billion on annual basis, the statement said.