New Delhi: Debashish Nanda has taken over as the Chairman of Hindustan Urvarak and Rasayan Ltd (HURL), a joint venture company of five public sector units.

Nanda, who is also a full-time Director, Business Development, of the Maharatna PSU Coal India Ltd (CIL), has taken the charge of HURL chairman with effect from August 16. Nanda replaces S M Vaidya, CIL said in a statement.

Vaidya is the chairman of Indian Oil Corporation.

HURL came into being in June 2016 as a joint venture consortium of five public sector units for supplying and catering to the urea need of the farmers in eastern and northern parts of the country.

CIL, NTPC and Indian Oil Corporation are the lead promoters of HURL holding a total of 89 per cent equity (29.67 percent each).

Fertilizer Corporation of India Ltd and Hindustan Fertilizer Corporation Ltd hold the remaining 11 percent share.

The authorised capital and paid-up capital of HURL was Rs 8,000 crore and Rs 5,827.48 crore respectively as of June 1.

Each of the three fertilizer plants at Gorakhpur (Uttar Pradesh), Sindri (Jharkhand) and Barauni (Bihar) would produce 2,200 metric tonnes of ammonia and 3,850 metric tonnes of neem coated urea on a daily basis.

Gorakhpur plant has already become operational in May, while Sindri and Barauni units are expected to turn operational during the current year.

Natural gas which is the feedstock of the plants would be supplied by gas pooling mechanism at a uniform delivered price to all the fertilizer plants on gas grid for the production of urea.

(With agency inputs)

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