GNFC awards Rs 360 Cr Ammonium Nitrate II plant contract to Toyo Engineering

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AI summary

GNFC has awarded a contract worth about Rs 360 crores to Toyo Engineering India for setting up a new Ammonium Nitrate II plant with 480 MTPD capacity on LEPC basis. The contract has a 20-month timeline. This new plant will increase GNFC Ammonium Nitrate capacity by close to 94 percent. The board had approved the project on November 12, 2025. Toyo has tied up with INCRO SA Spain for process knowhow and license for the plant.

Likely market impact

Major capacity expansion of about 94 percent strengthens long-term revenue visibility and supports domestic Make in India demand for Ammonium Nitrate.