Govt plans to set up reverse SEZs in Iran

India plans to set up reverse SEZs in Iran, mainly in the fertiliser and petrochemical sector, Union Minister Ananth Kumar said on Wednesday.

Under the reverse special economic zone (SEZ) scheme, Indian chemical and petrochemical companies will set up plants in other countries where raw material is in abundance and available at cheaper rates, while the final product will be imported back.

India is keen to explore the possibilities of setting up of reverse SEZs, particularly in the area of fertilisers and petrochemicals in Iran, as these zones can produce globally competitive products, Ananth Kumar said.

Ambassador of Iran Gholamreza Ansari called on Kumar in the capital to discuss about the cooperation between two countries and India's plans to set up urea-ammonia plant there.

Meanwhile, state-run RCF and GNFCL are already working on a proposal to set up a urea-ammonia plant.

"They have expressed their willingness to partner with India, we have asked them to a offer a long term gas contract," Fertilizer Secretary J K Mohapatra said.

Ananth Kumar added that a Joint Working Group between India and Iran in these areas with officials from both the countries will work out a roadmap for cooperation.

Iranian Ambassador also extended an invitation to Ananth Kumar to visit Iran.