State-run agrochemical firm HIL has forayed into the fertiliser business by signing an agreement with PSUs NFL and RCF and is aiming Rs 150 crore from urea sales over the next two years.
The Department of Fertilisers has already certified Hindustan Insecticides Ltd (HIL) as importer of decontrolled phosphatic and potassic fertilisers.
"HIL has signed an agreement with National Fertilisers Ltd (NFL) to sell and market its urea in states of Odisha and West Bengal, similarly an agreement has also been signed with Rashtriya Chemicals and Fertilisers (RCF) to sell and market its urea in Odisha and Assam," company's Director Marketing S P Mohanty told PTI.
Mohanty added that HIL is looking at sales of Rs 200 crore from phospharic and potassic (P&K) fertiliser and another Rs 150 crore from urea in the next two years.
At present, HIL has three plants one each at Cochin, Bathinda and Rasayni with a combined capacity of 30,000 kilo litres per annum of pesticides.
The company also has plans to expand its current capacity. To finance its expansion plans, the company is also looking to sell its 5.6 acres land in the national capital for around Rs 350 crore.
The land is located at Zakhira near the Delhi-Rohtak road.
HIL was incorporated in March 1954 for supplying DDT for National Malaria Eradication Programme launched by the government.
Subsequently, the company diversified into agro pesticides to meet the requirements of agriculture sector and has grown manifold with a turnover of about Rs 340 crore in the last financial year.