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

By: |
New Delhi | Published: May 16, 2016 5:50:47 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 and NSE and latest NAV, portfolio of Mutual Funds, 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.