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Department of Fertilizers and Hindustan Urvarak & Rasayan ink loan agreement

Wednesday, 09 Sep 2020
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A loan agreement was executed on 8 September 2020 between the Department of Fertilizers and Hindustan Urvarak & Rasayan (HURL) for disbursement of interest free loan of Rs 1,257.82 crore to HURL to revive fertiliser projects at Sindri, Gorakhpur and Barauni. 
The Centre had approved grant of interest free loan to the tune of Rs 1,257.82 crore to HURL -- Rs 422.28 crore, Rs 415.77 crore and Rs 419.77 crore to Gorakhpur (Uttar Pradesh), Sindri (Jharkhand) and Barauni (Bihar) projects respectively. The repayment of IFL will be done in eight years beginning 2022-23. 
The release of interest free loan will help the three plants of HURL at Gorakhpur, Barauni and Sindri to start commercial production of neem-coated urea by 2021. 
Despite various obstacles being faced by the projects due to COVID-19 crisis, physical progress of Gorakhpur, Sindri and Barauni plants were at 80.3 percent, 74.2 percent and 72.8 percent respectively. 
Successful commissioning of the plants will add 38.1 lakh tonne of neem-coated urea in indigenous production, and it will reduce dependency on import of urea. The projects will also generate direct and indirect employment. 
CCEA in its meeting held on 13 July 2016 had approved revival of Gorakhpur and Sindri units of FCIL and Barauni unit of HFCL through nomination basis by forming a joint venture of nominated PSUs. Accordingly, a joint venture company was incorporated as Hindustan Urvarak & Rasayan (HURL). 
The equity of the National Thermal Power Corporation (NTPC), the Indian Oil Corporation (IOCL) and Coal India (CIL) is 29.67 percent each whereas in case of the Fertilizer Corporation of India (FCIL), it is 10.99 percent. 
HURL is setting up three gas-based urea manufacturing units at Gorakhpur, Sindri and Barauni. The capacity of each plant is 12.7 lakh tpa.
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