IOC Signs JV Agreement To Pick Up Stake In HURL

Indian Oil Corporation (IOC) has said that along with other companies it has signed an agreement for a joint venture.

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Indian Oil Corporation Ltd has said that it along with NTPC Ltd., Coal India Ltd. (CIL), Fertilizer Corporation of India Ltd. (FCIL) and Hindustan Fertilizer Corp. Ltd. (HFCL) have signed a Supplemental Joint Venture Agreement on October 31, 2016 at New Delhi for IOCL, FCIL and HFCL joining the Joint Venture Company Hindustan Urvarak and Rasayan Ltd. (HURL), which had been formed by NTPC and CIL for revival of the fertiliser plants at Gorakhpur, Sindri and Barauni. Each of these plants will, have 1.27 million tons per year Urea production capacity.

IOC Signs JV Agreement To Pick Up Stake In HURL
"With the execution of the Supplemental JVA, the equity participation of IOCL, NTPC and CIL in HURL will be 29.67% each (total 89.01 per cent) and the balance 10.99 per cent will be by FCIL (7.33 per cent) and HFCL (3.66 per cent)," the company said in a filing to the Bombay Stock Exchange.

Meanwhile, shares of the company were trading at Rs 318.70 apiece, up 0.98 per cent from the previous close at 09:30 hours on BSE.

Read more about: indian oil corporation
Story first published: Thursday, November 3, 2016, 12:40 [IST]
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