PSUs in $3 billion venture to revive mothballed fertilizer plants – Feedback

The country’s cash-rich state coal, power and oil firms will jointly invest nearly $3 billion to revive three mothballed fertilizer plants, a government official said on Tuesday, as the country aims to increase local production of crop nutrients and cut imports.

India produced 24.5 million tonnes of urea in the financial year ended March 2016, but also imported 8.5 million tonnes to boost productivity at its farms, which account for about 15 percent of its $2 trillion economy and employ three-fifths of its 1.3 billion people. NTPC Ltd, Coal India Ltd and Indian Oil Ltd will together revive three ailing fertilizer plants in eastern India, coal secretary Anil Swarup said. The companies will invest Rs 50 billion ($739 million) via equity to rebuild the plants, and fund the rest of the investment through loans, Swarup said.

http://economictimes.indiatimes.com/industry/indl-goods/svs/chem-/-fertilisers/psus-in-3-billion-venture-to-revive-mothballed-fertilizer-plants/articleshow/52857076.cms

About news

We take care of publishing the latest investment news and highlights for Feedback

Leave a Reply

Your email address will not be published. Required fields are marked *