SME Times News Bureau | 17 May, 2016
State-run power producer NTPC said it had on Monday signed a joint
venture agreement (JVA) with state-run miner Coal India to revive plants
of the Fertilizer Corporation of India Limited (FCIL).
The joint
venture company will take up the revival of FCIL plants at Sindri in
Bihar and Gorakhpur in Uttar Pradesh by setting up an ammonia urea plant
at each location, said an NTPC statement.
The JV company would
initially be incorporated with 50:50 equity participation from both, but
also "contains provision of inducting strategic partners at a later
date depending upon business requirement of JV company", it said.
The
JVA was signed by NTPC's general manager (BD) Arun Kumar Gupta and Coal
India's general manager (Coal Videsh) T. Bandopadhyay.
