KRIBHCO Managing Director also to Chair OMIFCO

New Delhi, Jun 14 (UNI) KRIBHCO Managing Director B D Sinha has taken over as Chairman of Oman India Fertiliser Company (OMIFCO).

The decision was taken at the 969 million dollar joint venture company in Oman during the company's Board of Directors' meeting on June 3, 2007 at Muscat.

The promoters hold the post of Chairman on yearly rotation.

KRIBHCO has invested 80 million dollars towards equity capital in Oman India Fertiliser Company SAOC (OMIFCO) representing 25 per cent of paid up equity capital of OMOFCO.

IFFCO another Multi State Cooperative Society has invested a matching amount and holds 25 per cent equity in OMIFCO.

The project has an annual capacity of 16.52 lakh MT of urea and 2.5 lakh MT of surplus ammonia. The urea is being purchased by the Government of India under an agreement for 15 years at predetermined price.

The natural gas feedstock for the project is supplied by the Oman LNG.

The turnover of the company during 2006 was 287 million dollars and profit after tax 115 million dollars.

Indian Government got price advantage of around 140 million dollars (Rs 600 crore) when compared with the average import parity price of urea.

Under the leadership of Mr Sinha, KRIBHCO has paid a dividend of Rs 53.98 crore to the Government for the year ending March, 2006.

KRIBHCO has so far paid Rs 724.91 crore to the Government as dividend, a Kribhco release said here today.

UNI