Indian Company Kesar Petroproducts Limited plans to set up a naphthalene, urea factory in Iran under joint investment ventures.
Dinesh Sharma who is in Tehran along with an Indian commercial delegation told IRNA Friday that the company is currently importing these products from Iran.
He further noted that the company used to import raw materials from Iran and it also imported the materials from Iran indirectly in times of sanctions.
The official said that establishment of a factory producing materials needed by Kesar will ensure a secure supply of raw materials for the company.
Iran can also promote its production through joint foreign investments and transfer of technology, generate jobs and attain a sustainable production and income, he said.
‘No deal has so far been signed, but we will propose it to the Iranian side,’ he said, noting that removal of sanctions has provided an opportunity for direct talks with the Iranian firms.
Indian Prime Minister Narendra Modi in his recent trip to Tehran along with President Hassan Rouhani attended signing ceremonies of 12 cooperation deals on banking, ports and trade.