PSU NEWS
NTPC CIL incorporate JV to revive Fertilizer Corp plants
NEW DELHI . NTPC yesterday formally announced incorporation of a joint venture with Coal India -- Hindustan Urvarak & Rasayn Ltd -- to revive Gorakhpur and Sindri plants of Fertilizer Corporation of India. NTPC Ltd said in a BSE filing that "pursuant to joint venture agreement dated May 16, 2016 signed with Coal India Ltd, a Joint Venture Company in the name of `Hindustan Urvarak & Rasayn Limited`, with 50:50 shareholding by NTPC & Coal India has been incorporated on June 15, 2016".
The joint venture firm will take up revival of Gorakhpur and Sindri plants of ailing Fertilizer Corporation of India Ltd by setting up ammonia urea plants at each locations. NTPC and Coal India (CIL) had last month entered into a pact for setting up a joint venture firm to revive fertiliser plants at Sindhri and Gorakhpur.
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