RCF shares jump 7.83% on reports of PIB nod to Rs 5500-cr proj

Shares of Rashtriya Chemical Fertiliser (RCF) today jumped by 7.83 per cent, after reports said that the company is likely to get PIB clearance for its new Rs 5,500-crore urea plant.
The stocks soared 7.83 per cent to end the day at Rs 43.40 on BSE.
At NSE, the shares rose by 8.21 per cent to settle at Rs 43.50.
State-run RCF is likely to get clearance from the Public Investment Board (PIB) for establishing a new urea plant at its current manufacturing facility at Thal in Maharashtra with an estimated investment of Rs 5,500 crore.
As per the proposal, an ammonia-urea plant will be set up at Thal in Maharashtra with a capacity of 1.27 million tonnes per annum at the company's current manufacturing location.

"The Rashtriya Chemicals and Fertilisers (RCF) is set to get PIB clearance for its brownfield expansion of its urea- ammonia plant at Thal in Maharashtra," a source said.

According to the source, tender for the plant's engineering and construction has been awarded to a consortium of Technip and L&T.
The total estimated cost of the project is Rs 5,500 crore.
The Mumbai-based PSU's annual urea capacity is more than 2 million tonnes and it also produces various grades of complex fertilisers at its two manufacturing units in Thal and Trombay in Maharashtra.