NTPC and Coal India Join Hands to Foray into Fertilizer Sector
17th May, 2016
A Joint Venture Agreement (JVA) has been signed between NTPC Limited and Coal India Limited (CIL) for formation of a Joint Venture Company to take up the revival of Fertilizer Plants of Fertilizer Corporation of India Limited (FCIL) at Sindri, Bihar and Gorakhpur, Uttar Pradesh by setting up an Ammonia urea plant at each location. The JV Company would initially be incorporated with equal equity (50:50) participation from NTPC and CIL. JVA contains provision of inducting strategic partners at a later date depending upon business requirement of JV Company.
The Joint Venture Agreement was signed by Shri Arun Kumar Gupta, General Manager (BD) from NTPC and Shri T. Bandopadhyay, General Manager (Coal Videsh) from Coal India Limited in the august presence of Shri A. Panda, Director (Finance), South Eastern Coal Field Limited (SECL). Shri M. Viswanathan, Company Secretary, Coal India Limited and Shri Murari Prasad, AGM (BD) were also present on the occasion.
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