Coal news and updates

CIL, NTPC enter into JV to revive FCI fertiliser plant

NTPC Ltd and Coal India Ltd (CIL) have signed a joint venture agreement (JVA) for the formation of a joint venture company to take up revival of fertiliser plants of Fertiliser Corporation of India Ltd (FCI), a release from NTPC said.

As per the agreement, the JV of both the PSUs, which do not have any expertise so far in the fertiliser sector, will set up one ammonia urea plant each at Sindri in Bihar and at Gorakhpur in Uttar Pradesh.

The JV would initially be incorporated with equal capital (50:50) participation from NTPC and CIL, but there is a provision of inducting strategic partners at a later date, depending upon business requirement, the release added.