Muscat: Oman has agreed in principle to inject $3 billion (Dh11 billion) to revive sick fertiliser plants in India, according to India's Minister of Commerce and Industry, Anand Sharma.
The Indian minister, who is on an official visit to Muscat, told media on Sunday evening that Oman had agreed to revive a few plants of the Fertiliser Corporation of India and Hindustan Fertiliser Corporation Ltd that had been closed down, and also push for the expansion in Rashtriya Chemical Fertilisers (RCF).
The agreement was reached during the sixth session of the India Oman Joint Commission Meeting (JCM) held in Muscat on Sunday. Oman's Minister of Commerce and Industry Maqbool Ali Sultan headed the Omani delegation at the JCM talks.
"Oman has also shown interest in investing in infrastructure projects and set up super-specialty hospitals in India," Sharma added.
The visiting minister said that India will help Oman in developing human resources, small and medium enterprises (SMEs), renewable energy and the oil and gas sectors.
The joint commission meeting reviewed the entire range of bilateral economic relations and means to enhance bilateral trade, which rose to $4.5 billion last year.
"Our bilateral trade increased last year even in the face of a severe global economic recession," he said.
Optimism
Sharma was optimistic that Oman-India joint efforts would promote partnership between the private sectors of the two countries and further improve trade and investment levels between the two countries.
He revealed that both the sides had agreed to form a senior-level working group representing India; RCF; Krishak Bharati Cooperative Limited (KRIBHCO), from the Indian side; and the Oman Oil Company, from the Oman side, to discuss the revival of fertiliser plants in India.
"Oman Oil Company will inject capital for reviving these sick units. As much as 50 per cent of the funds will come from Oman's side and the remaining 50 per cent will be from India's side. This will ensure self-sufficiency in urea production," Sharma added.
