Hyderabad, Jan 11 (IANS) Coromandel SQM (India), a joint venture between Coromandel International Limited and SQM, the world’s premier water soluble fertiliser manufacturer, Wednesday announced the completion of India’s first water soluble fertilizer plant in Andhra Pradesh.

The 15,000-tonne capacity plant at Kakinada town in East Godavari district will launch its commercial production next week.

V. Ravichandran, director, fertilizer and sugar, Murugappa group, told reporters here that water soluble fertilisers would enable the farmer reduce the quantity of water and increase the quality and appearance of the product.

The raw material for the plant would be imported from Chile, where SQM is based. Currently the market size of water soluble fertilizers in India is 70,000 tonnes but most of it is imported.

Coromandel is already been marketing 10,000 tonnes by importing from the SQM plants in Chile.

Kapil Mehan, managing director, Coromandel International Limited, said the market was growing at 25 percent and demand for water soluble fertilisers was expected to go up further.

The full range of products to be manufactured at the plant would target five segments -sugarcane, cotton, chilly, vegetables and fruits.

“Any farmer who wants to sell his product for a better price will prefer soluble fertiliser,” said Mehan.

The price of the water soluble fertilisers would range from Rs.60,000 to Rs.100,000 per tonne depending on the grade. Unlike the traditional fertilizers which are 50 percent subsidised by the government, the water soluble fertilisers are not subsidised.

The plant has come up with an investment of Rs.10 crore and the company plans to double the capacity next year.