2 JVs to be formed for Talcher urea plant revival in Odisha

Written By Unknown on Selasa, 19 Agustus 2014 | 21.03

State-owned Coal India Ltd, gas utility GAIL India and fertiliser majors RCF and FCIL will form two Joint Ventures this month for revival of Talcher urea plant in Odisha at a cost of Rs 8,200 crore.

State-owned Coal India  Ltd, gas utility GAIL India  and fertiliser majors RCF  and FCIL will form two Joint Ventures this month for revival of Talcher urea plant in Odisha at a cost of Rs 8,200 crore.

The first JV will be for setting up of an upstream coal gasification unit where GAIL will have a majority stake. The second JV part involves setting up of a urea-cum-ammonia nitrate complex where Rashtriya Chemicals Fertilisers (RCF) would have majority stake, sources said. The plant will have a capacity of 1.2 million tonnes per annum.

The first JV will be named as 'GAIL Coal Gas Ltd' with GAIL having majority stake and the second JV will be named as 'Talcher Fertilizer and Chemicals Ltd', sources added. "First JV will make gas from the coal mined and provided by Coal India (CIL), while second JV will manufacture urea using gas supplied from first JV as feedstock," a highly placed source said.

It is estimated that the plant will require an investment of Rs 8,200 crore, a source said. This is perhaps the first greenfield plant in the fertiliser sector in almost last decade or so and it is also the first plant which will use coal gasification technology, sources added.

Also read:  Taking a cue from ONGC, RCF plans overseas subsidiary

FCIL had signed a MoU with RCF, GAIL and CIL in September 2013 for revival of this plant, which was closed in 2002. The Board for Industrial and Financial Reconstruction (BIFR) had de-registered FCIL on June 27, 2013, thus paving the way for revival of its closed urea plants. This happened after the government had approved the proposal to revive five closed units of FCIL at Sindri, Talcher, Ramagundam, Gorakhpur and Korba.

The government had also approved the waiver of loan and interest amounting to Rs 10,644 crore to FCIL last year. Meanwhile, the old equipment, plant and machinery cannot be used in the new unit and is worth only scrap. This scrap is being sold to make way for setting up of a new plant.

Coal India stock price

On August 19, 2014, Coal India closed at Rs 368.95, up Rs 5.25, or 1.44 percent. The 52-week high of the share was Rs 423.50 and the 52-week low was Rs 238.35.


The company's trailing 12-month (TTM) EPS was at Rs 20.04 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 18.41. The latest book value of the company is Rs 26.04 per share. At current value, the price-to-book value of the company is 14.17.


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