New Delhi: National Fertilizers Limited's (NFL) Chairman & Managing Director (CMD) Virendra Nath Datt has taken over as Chairman of Ramagundam Fertilizers & Chemicals Limited (RFCL) with effect from February 23. RFCL is a Joint Venture (JV) company of NFL. Datt is associated with NFL as Director (Marketing) since October 2018 and taken over as CMD in June 2020.
Datt is an MBA from Maharshi Dayanand University, Rohtak. He has a rich professional experience of over 35 years with premier CPSEs such as GAIL (India) Limited and ONGC, besides the fertilizer industry. Prior to joining NFL, Datt was serving as Executive Director in GAIL (India) Limited, where he has handled all India marketing operations of the company in addition to corporate strategy, planning and advocacy. He was also a Director on the Board of Mahanagar Gas Limited, Mumbai. In addition to this, Datt also had a 10-year stint with ONGC before joining GAIL in 1995.
As Director (Marketing) at NFL, Datt is credited with sustained growth in fertilizer sales of the company from 43 Lakh MT in 2017-18 to 57 Lakh MT in 2019-20, an increase of 32 percent over the previous two years. During this period, the NFL established a pan-India footprint in the fertilizer industry.
RFCL is a joint venture company of NFL, Engineers India Limited (EIL) and Fertilizer Corporation of India Limited (FCIL) with 26 percent equity each by NFL and EIL. FCIL has been granted 11 percent equity in terms of CCEA approval. The state government of Telangana has subscribed for equity participation of 11 percent. With the signing of share subscription cum shareholders agreement (SSSHA) on August 18, amongst RFCL, its promoters and investors, leading to equity participation of 14.3 percent of equity capital by GAIL (India) Ltd. and 11.7 percent of equity capital by HTAS consortium (consisting of HT Ramagundam A/S, IFU and Danish Agribusiness Fund, Denmark), the company had achieved 100 percent financial closure for the project.
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