New Delhi [India], March 19 (ANI): Union Home Minister Amit Shah on Wednesday said that the Union Cabinet's nod to setting up a new Brownfield Ammonia-Urea Complex Namrup IV Fertilizer Plant in Assam will drive the rural economy by making an adequate supply of fertilizer within its reach and enhance the region's potential as an exporter."Congratulations, Northeast, on the approval of the new Brownfield Ammonia-Urea Complex at Namrup in Assam by PM Narendra Modi in the Union Cabinet today. It will drive the rural economy by making an adequate supply of fertilizer within its reach and enhance the region's potential as an exporter. My heartfelt gratitude to Modi Ji for the visionary decision," Amit Shah said in a post on X. Earlier in the day, the Union Cabinet approved the proposal to establish a new plant in Namrup. On February 1, Finance Minister Nirmala Sitharaman proposed setting up a fertiliser plant in Namrup, Assam, in her Budget 2025 speech.The plant will produce 12.7 lakh metric tonnes of urea annually and will be built within the existing premises of Brahmaputra Valley Fertilizer Corporation Limited (BVFCL). Under the New Investment Policy, 2012, the fertiliser plant will have an estimated total project cost of Rs 10,601.40 crore and a Debt-Equity ratio of 70:30 through a Joint Venture (JV). Tentatively, the plant will be commissioned in 48 months.Additionally, the Cabinet also approved National Fertilizers Limited (NFL)'s equity participation of 18 per cent in relaxing the limits prescribed in Department of Public Enterprises (DPE) guidelines and establishing an Inter-Ministerial Committee (IMC) to oversee the process of setting up the Namrup-IV Fertilizer Plant.The Namrup project will increase the country's domestic urea production capacity, especially in the northeastern region.It will meet the growing demand for urea fertilizers in northeast states, Bihar, West Bengal, eastern Uttar Pradesh, and Jharkhand. "The establishment of the Namrup-IV unit will be more energy efficient. It will also open avenues for additional direct and indirect employment opportunities for the people of the area. It shall help achieve the vision of self-reliance in Urea in the country," the government said. (ANI)