Deepak Fertilizers & Petrochemicals Corporation, the producers of industrial chemicals and fertilizers announced that the company’s subsidiary Smartchem Technologies (STL) is planning to invest Rs 22 billion in its Global Scale Technical Ammonium Nitrate Plant in Gopalpur, Odisha.

The project at Tata Steel Industrial Park, Gopalpur will have a capacity of 377 KTPA. The plant has the best-in-class technology from Casale, that will ensure that it is the safest plant with lowest possible emission. The project is expected to be completed by August 2024, 50% of the engineering work is already completed and the piling work will begin from January 2022. It is strategically located near the major mining hubs and the Gopalpur port to capture domestic demands and tap into export opportunities.

Technical Ammonium Nitrate, being an international commodity, this project will put Odisha on the map for international recognition. On project completion and commencement, Odisha will become a key source of TAN to the entire Eastern Belt where majority of Mining and Infrastructure growth is foreseen in future.

Additionally, the project will contribute Rs 30 billion in GST and Rs 11 billion in Income Tax to the exchequer over 10 years. It ensures maximum recycle and reuse of effluents and use of freshwater is optimized. The emission and discharge from the plant will be one of the lowest and it features advanced NOx/N2O abatement technologies. The plant is expected to generate 4.5 MW power from the waste heat steam.

Smartchem Technologies, Chairman & Managing Director, Sailesh Mehta, said, "STL is partnering Odisha to support growth in the Mining & Infrastructure Sector and this complex is the first step to accomplish our ten-year-old dream to expand operations in the Eastern Region and come closer to our end users. Technical Ammonium Nitrate is a very important raw material that will fuel the infrastructure, economy, and development of the nation. We are looking forward to reducing our dependence on imports and the Gopalpur Industrial Park’s strategic location may help us do that very quicky in the near future. Tata SEZL can attract ancillary units and become a hub for development."

Shares of the company gained Rs 8.10, or 2.20%, to settle at Rs 375.90. The total volume of shares traded was 35,780 at the BSE (Friday).