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Coal India to raise stake in Talcher Fertilizers

Coal India Limited (CIL), plans to raise its equity investment in Talcher Fertlizers Limited, a joint venture of GAIL (India), CIL, Rashtriya Chemicals & Fertilizers (RCF) and Fertilizer Corporation of India Limited (FCIL), according to a BSE filing.

The JV was formed for revival of FCIL’s Fertilizer unit by setting up a coal gasification-based fertilizer plant at Talcher, Odisha with shareholding of 31.85 percent each by GAIL, CIL and RCF and 4.45 percent by FCIL.

At present, the paid-up equity shareholding in TFL is 33.333 percent for GAIL, CIL, and RCF, while FCIL holds 0.0002 percent. CIL’s upcoming acquisition will involve subscribing to 1,067,506,771 equity shares at a face value of Rs 10 each, with cash payment.