Hindustan Urvarak & Rasayan would receive an extra investment of Rs 904 crore from Indian Oil

18 Sep 2023 , 12:39 PM

On Friday, September 15, Indian Oil Corporation Ltd. (IOCL) said that its board of directors has authorized a further investment of Rs 903.52 crore in Hindustan Urvarak and Rasayan Ltd. (HURL).

The Board of Indian Oil approved an additional investment of Rs 903.52 crore in Hindustan Urvarak and Rasayan Ltd at its meeting on September 15, 2023, according to a stock exchange filing.

HURL was established in June 2016 as a joint venture cooperation between five public sector organizations to serve the urea needs of farmers in the country’s eastern and northern regions.

The primary sponsors of HURL are CIL, NTPC, and Indian Oil Corporation, who together own 89 percent of the company’s stock (29.67 percent each). The remaining 11% is held by Fertiliser Corporation of India Ltd. and Hindustan Fertiliser Corporation Ltd.

On a daily basis, the three fertilizer factories in Gorakhpur (Uttar Pradesh), Sindri (Jharkhand), and Barauni (Bihar) will each generate 3,850 tonnes of neem-coated urea and 2,200 tonnes of ammonia.

All of the fertilizer plants on the gas grid would receive natural gas, the feedstock for the plants, at a fixed delivered price from a gas pooling system in order to produce urea.

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