Indian Oil Corporation (IOC) will join hands with Coal India and NTPC to form a joint venture called Hindustan Urvarak and Rasayan. The new entity will revive three sick fertiliser plants at Sindri (Jharkhand), Gorakhpur (Uttar Pradesh) and Barauni (Bihar), at a total investment of around Rs 20,000 crore. Fertiliser Corporation of India will also have a small share in the venture. While the overall investment will be around Rs 20,000 crore, they are looking at a debt-equity ratio of 1:3; meaning around Rs 6,000 crore will come from these entities.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.