Coal India, NTPC to form joint venture for revival of fertiliser plants

By: |
New Delhi | May 16, 2016 5:50 PM

Coal India 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.

Fertiliser plants in IndiaThese 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. (Photo: Reuters)

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.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Delhi High Court gives Twitter one last chance to comply with IT Rules
2Gupshup raises fresh $240 million within four months of it entering unicorn club
3Bharti Airtel hikes entry-level pre-paid tariff by 61%; scraps base pre-paid plan of Rs 49, replaces it with Rs 79 plan