MUMBAI, February 6: The board of $ 1.2 billion Oman India Fertiliser Company, the joint venture between Oman Oil Company of Oman and Rashtriya Chemicals & Fertilizers (RCF) and Khribhco of India, was constituted on Thursday.The board, with a strength of six members, will be chaired by an Oman representative, Salim Maeki. Informed sources said that the company will be formally registered shortly. The Indian representatives on the board of the company include the Fertiliser Secretary Anil Kumar, RCF CMD D K Varma and Khribhco MD PP Singh.
The Indian partners, RCF and Kribhco, together hold 50 per cent of the equity, while the balance 50 per cent is held by Oman Oil Company. The project is being financed through a debt-equity ratio of 3:1. The equity part of $ 280 million is thus being equally shared between the Indian partners and the Oman Oil Company.
Work on the project is expected to start by the middle of this calendar year. It will take 33 months for the project to go onstream.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
