Kickstarting the Taking forward Rs8,000 crore revival process for FCIl's Talcher urea plant in Odisha, Coal India will form two joint ventures one with PSU major GAIl and the other with Rashtriya Chemicals and Fertilisers (RCF).
The board of directors of Coal India ltd (CIl) has given its in-principle approval for these JVs, the company said in a regulatory filing on Tuesday. A consortium of RCF, GAIl, CIl and Fertiliser Corporation of India ltd (FCIl) have agreed to invest Rs8,000 crore for the revival of this urea plant with a production capacity of 1.2 million tonnes per annum.
An MoU has been earlier signed to form two separate joint ventures to revive this plant and also build a power plant and coal washery facility at the site. The first JV would be for upstream coal gasification with GAIl having a majority stake. The second JV would be for urea-cum-ammonia nitrate complex with RCF and CIl being major stakeholders.