Amendment to the New Investment Policy



Amendment to the New Investment Policy

An amendment to New Investment Policy (NIP) is under consideration of the Department of Fertilizers. Stating this in a written reply in the Lok Sabha today, the Minister for Chemicals and Fertiliser said the para (ii) of the New Investment Policy (NIP)-2012 has been notified on 7th October, 2014, so as to ensure seriousness/ credibility of the project proponents under NIP-2012. With the objective it was proposed  that all the project proponents will be required to furnish Bank Guarantee (BG) of Rs 300 crores for each project. The BG will be linked to milestones in the project cycle. Out of Rs. 300 crores, Rs. 100 crores of BG will be released after finalization of LSTK/EPCA contractors and release of advance of the contractor’s amount; Rs. 100 crores of BG will be released on completion of requirements ordering and supply to the site or midpoint of the project cycle, whichever is earlier; and the balance of Rs. 100 crores of BG on completion of the project. PSUs are, however, exempted from furnishing the BG.
(c):       As of now, Department of Fertilizers has received the following Brownfield/Greenfield/Revamp/ proposals/projects:


S. No.
Company
Projects
Ownership
State
1.
Zuari Agro Chemicals Limited
Revamp of Ammonia-Urea project at Zuarinagar.
Private
Goa
2.
IGFL-Jagdishpur
Brownfield Expansion urea project at Jagdishpur.
Private
Uttar Pradesh
3.
CFCL-Gadepan
Brownfield of Ammonia-Urea units at Gadepan-Kota.
Private
Rajasthan
4.
GNVFC-Bharuch
Brownfield Ammonia-Urea project at Bharuch.
State JV
Gujarat
5.
GSFC-Vadodara
Greenfield Ammonia-Urea project at Dahej.
State PSU
Gujarat
6.
MATIX Fertilizers & Chemicals ltd.
Brownfiled Ammonia-Urea Fertilizers Complex at Panagarh. 
Private
West Bengal
7.
RCF-Thal
Brownfield Ammonia-Urea Expansion project at Thal.
CPSU
Maharashtra
8.
FACT-Kochi
Brownfield Ammonia-urea project at Udyogamandal, Kochin.
PSU
Kerala
9.
Kanpur Fertilizers & Cements Limited
Brownfield Project at Panki, Kanpur
Private
Uttar Pradesh
10
Bharat Coal Chemicals Ltd
Coal Gasification based Ammonia and urea project, Paradip
Private
Odisha
11
Nagarjuna Fertilizers & Chemicals Ltd.
Brownfield Project at Kakinada, Andhra Pradesh
Private
Andhra Pradesh
  
(d):   The following steps are being taken by the Government to meet the requirement   
Amendment to the New Investment Policy Amendment to the New Investment Policy Reviewed by Ajit Kumar on 11:04 PM Rating: 5

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