NTPC partners Coal India to foray into fertilizer sector

State-run power producer NTPC said it had on Monday signed a joint venture agreement (JVA) with state-run miner Coal India to revive plants of the Fertilizer Corporation of India Limited (FCIL).

The joint venture company will take up the revival of FCIL plants at Sindri in Bihar and Gorakhpur in Uttar Pradesh by setting up an ammonia urea plant at each location, said an NTPC statement.

The JV company would initially be incorporated with 50:50 equity participation from both, but also "contains provision of inducting strategic partners at a later date depending upon business requirement of JV company", it said.

The JVA was signed by NTPC's general manager (BD) Arun Kumar Gupta and Coal India's general manager (Coal Videsh) T. Bandopadhyay.

--IANS

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