Debashish Nanda has taken over as Non-Executive Chairman of Hindustan Urvarak and Rasayan Ltd (HURL) effective August 16, 2022. Nanda, who replaces SM Vaidya, the current Chairman of Indian Oil Corporation Ltd, is a full-time director (Business Development) of Coal India Ltd (CIL).
HURL is the environment friendly, energy efficient fertiliser manufacturing company, which came into being in June 2016 as a joint venture consortium of five PSUs to supply and complement the urea requirement of the farmers in eastern and northern parts of the country.
CIL, NTPC Ltd and IOCL are the lead promoters of HURL holding a total of 89 per cent equity among them on equal partnership of 29.67 per cent each. Fertilizer Corporation of India and Hindustan Fertilizer Corporation make up for the remaining 11 per cent share, said a press statement.
The authorised capital and paid-up capital of HURL was ₹8,000 crore and ₹5,827.48 crore, respectively as of June 1, 2022.
Each of the three fertiliser plants of Gorakhpur (UP), Sindri (Jharkhand) and Barauni (Bihar) produce 2,200 metric tons a day capacity of ammonia and 3,850 metric tons a day capacity of neem coated urea.
The Cabinet Committee of Economic Affairs had cleared the decks for the revival of these units through the consortium.
Gorakhpur plant has already become operational in May 2022, while Sindri and Barauni are expected to turn operational during the current year, the release said.
Natural gas, which is the feedstock of the plants, would be supplied by gas pooling mechanism at a uniform delivered price to all the fertiliser plants on gas grid for production of urea.