IOCL To Make Additional Investment Of Rs 903.52 Cr In Hindustan Urvarak And Rasayan Ltd

Oil and gas sector Maharatna PSU India Oil Corporation Ltd. (IOCL) on Friday, Sept 15, 2023, announced that the company would make an additional investment of Rs. 903.52 crore in Hindustan Urvarak and Rasayan Ltd.

Hindustan Urvarak and Rasayan Ltd. a Joint Venture of Indian Oil incorporated for setting up fertilizer plants at Gorakhpur, Sindri, and Barauni.

"the Board of IndianOil at its meeting held on 15th September 2023 has accorded approval for additional investment of Rs. 903.52 crore in Hindustan Urvarak and Rasayan Ltd. (HURL), a Joint Venture of IndianOil incorporated for setting up of fertilizer plants at Gorakhpur, Sindri and Barauni," the company said in an exchange filing.

On Friday, the shares of IOCL closed 91.96%, down Rs 2.66 or 2.81% from its previous close of Rs 94.62 apiece on the BSE. The stock declined 2.14% in 1 week. It gained 16.83% in 6 months. It gained 28.44% in 1 year, 18.40% in 2 years, and 67.72% in 3 years, respectively. It declined 11.11% in 5 years.