Representational image
Representational image

MUMBAI: Rashtriya Chemicals & Fertilizers Ltd may raise up to 3 bln rupees through non-convertible debentures in about three months, said Umesh Dongre, the director of finance at the company.

The company will raise these funds for meeting its capital expenditure requirements of about 9 bln rupees in the current financial year, of which about 5 bln rupees will be used for improving efficiencies.

The government-owned company currently has the approval to raise up to 10 bln rupees, Dongre said at a press conference after the company's annual general meeting in the city.

Among the largest producers of fertilisers in the country, Rashtriya Chemicals is also exploring joint venture opportunities in Syria and Jordan, Chairman and Managing Director Umesh Dhatrak said.

The company is expected to visit these countries before the end of 2019.

Rashtriya Chemicals will also set up a greenfield, ammonia-urea fertiliser complex in Gabon in a joint venture.

The plant is estimated to have a capacity of 1.27 mln tn and is likely to cost about 102.86 bln rupees.

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