The company said it has “executed binding agreements to acquire 25.1 per cent stake for $290 million as a strategic investor in stream 1 of a greenfield port-based ammonia-urea fertiliser manufacturing complex in the Republic of Gabon, Africa.”

The project comprises setting up of 1.3 million tonne per annum urea plant in the first phase. The plant is located near Gabon’s main seaport and it enables efficient and cost effective material handling and proximity to large markets such as Africa, North America, Latin America and India.