“The joint venture company would initially be incorporated with equal equity (50:50) participation from NTPC and CIL. New Delhi: State-owned power producer NTPC Ltd and mining giant Coal India Ltd (CIL) on Monday formed a joint venture that will set up two urea factories on the premises of ailing Fertilizer Corp. of India Ltd (FCIL) to help in its revival, NTPC said. The joint venture will set up production facilities for urea, the most commonly used fertilizer, at FCIL units at Sindri in Bihar and Gorakhpur in Uttar Pradesh. There are, at present, 10 unviable factories belonging to state-run companies FCIL, Hindustan Fertilizer Corp. Ltd, Fertilizers and Chemicals Travancore Ltd, and Brahmaputra Valley Fertilizers Ltd. It contains provision of inducting strategic partners at a later date depending upon business requirement of the company,” NTPC said in a statement.

Source: Mint May 16, 2016 14:11 UTC