State-run miner Coal India on Monday said it has entered into a pact with power PSU NTPC for setting up of a joint venture firm to revive fertiliser plants at Sindhri and Gorakhpur.
“CIL & NTPC have signed a joint venture agreement for setting up of a joint venture company at 50:50 shareholding basis for revival of Sindhri & Gorakhpur units of Fertiliser Corporation of India,” Coal India (CIL) said in a BSE filing.
Last year, CIL had entered into a joint venture agreement with GAIL and fertiliser majors RCF and FCIL to incorporate a firm for setting up and operating new ammonia urea complex in Talcher, Odisha.
These agreements are part of the government’s plan to revive loss-making and closed fertiliser plants through JVs of profit-making PSUs with a view to increasing domestic production of the farm nutrient.
Shares of Coal India closed at Rs 282.85 apiece on BSE, up 0.48 per cent from previous close.