State-run power producer NTPC Limited on 16 May 2016 signed a Joint Venture Agreement (JVA) with state-run miner Coal India limited to foray into the Fertilizer Sector and revive plants of the Fertilizer Corporation of India Limited (FCIL).
The JVA was signed by NTPC's General Manager (BD) Arun Kumar Gupta and Coal India's General Manager (Coal Videsh) T Bandopadhyay.
• The JV company would initially be incorporated with 50:50 equity participation from both.
• It will also contain the provision of inducting strategic partners at a later date depending upon business requirement of JV company.
• The joint venture company will take up the revival of FCIL plants at Sindri in Bihar and Gorakhpur in Uttar Pradesh.
• It will set up an ammonia urea plant at each location.