Companies

HURL signs ₹ 5,314 cr loan agreements for Gorakhpur Fertilizer Plant

Our Bureau New Delhi | Updated on September 20, 2018 Published on September 20, 2018

Hindustan Urvarak and Rasayan Limited (HURL) has signed a Rupee Term Loan agreement for the Gorakhpur fertilizer plant. The agreement is for a loan of ₹ 5314.33 crore with a consortium of Banks led by SBI as the lead banker and Punjab National Bank, Allahabad Bank, Union Bank of India, Indian Bank, Bank of India and Canara Bank.

HURL is a joint venture company of 3 Maharana companies, NTPC, IndianOil and Coal India along with Fertilizer Corporation of India Limited and Hindustan Fertilizer and Corporation Limited. HURL is currently implementing 3 urea projects at Gorakhpur, Sindri and Barauni in the eastern part of the country.

An NTPC statement said, “These plants will have a capacity of producing 3850 million tonne per day of neem quoted urea. The commercial production is scheduled to begin from February 2021.”

“The imports are expected to become zero and farmers in eastern India will have easier access for getting timely supplies of urea for their crops,” the statement added.

These 3 plants are being built at an estimated cost of ₹ 21,000 crore. GAIL is implementing a natural gas pipeline for supplying gas to these 3 plants and the total investment by HURL and GAIL amounts to ₹ 36,000 crore.

Published on September 20, 2018
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