NTPC, Coal India to revive Fertilizer Corporation units

16 May, New Delhi

NTPC and Coal India have joined hands to foray into the fertilizer sector. Both the companies have signed a Joint Venture Agreement (JVA) for formation of a Joint Venture Company.

The new JV will take up the revival of Fertilizer Plants of Fertilizer Corporation of India Limited (FCIL) at Sindri, Bihar and Gorakhpur, Uttar Pradesh by setting up an Ammonia urea plant at each location.

The JV Company would initially be incorporated with equal equity (50:50) participation from NTPC and CIL. JVA contains provision of inducting strategic partners at a later date depending upon business requirement of JV Company.

According to a statement issued here, the Joint Venture Agreement was signed by Arun Kumar Gupta, General Manager (BD) from NTPC and T Bandopadhyay, General Manager (Coal Videsh) from Coal India Limited in the presence of A Panda, Director (Finance), South Eastern Coal Field Limited (SECL), M Viswanathan, Company Secretary, Coal India Limited and Murari Prasad, AGM (BD).