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Coal India, NTPC to form JV for revival of fertiliser plants

Press Trust of India  |  New Delhi 

State-run miner Coal today said it has entered into a pact with power PSU for setting up of a joint venture firm to revive fertiliser plants at Sindhri and Gorakhpur.

"CIL & have signed a joint venture agreement for setting up of a joint venture company at 50:50 shareholding basis for revival of Sindhri & Gorakhpur units of Fertiliser Corporation of India," Coal (CIL) said in a filing.

Last year, CIL had entered into a joint venture agreement with GAIL and fertiliser majors and FCIL to incorporate a firm for setting up and operating new ammonia urea complex in Talcher,

These agreements are part of the government's plan to revive loss-making and closed fertiliser plants through JVs of profit-making PSUs with a view to increasing domestic production of the farm nutrient.

Shares of Coal closed at Rs 282.85 apiece on BSE, up 0.48 per cent from previous close.

First Published: Mon, May 16 2016. 17:23 IST