NTPC & Coal India to jointly invest Rs 6,000 in urea plant revival

NTPCBSE 0.38 % and Coal IndiaBSE 0.80 % will jointly finance a Rs 6,000 crore revival package for Hindustan Fertiliers Gorakpur plant in Uttar Pradesh. Hindustan Urvarak Rasayan, is being spun into a new special purpose vehicle in which NTPC and Coal India would each take 50% stake.

“Revitalization of these plants would help generate 1.27 million tonne per annum of urea along with other associated chemicals from each plant, bridging the demand supply gap of urea. The other positive consequence would be employment generation opportunities locally,” a NTPC statement said.

Gas would be made available through the proposed Jagdishpur-Haldia pipeline to be constructed by GAIL. On 16th May, 2016, CIL and NTPC formally inked a joint venture agreement for revival of the fertilizer plant.
By : economictimes.indiatimes.com

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