The project proponent, Indian-based Oswal Group said thanks to the environmental approval, it should have financing in place for the $700 million project by the end of March. Company officials added they were optimistic site works would begin by the third quarter of this year.

A take-up agreement with Norway's Norsk Hydro that guarantees an end-market for all the ammonia plant's output seems also to have played a crucial role in proving the project's viability to prospective financiers of the facility.

When commissioned, the plant will produce 2200 tonnes of liquid ammonia per day.