Rashtriya Chemicals & Fertilizers (RCF) and GAIL India signed an MoU today to set up coal gasification project at Talcher in Orissa.
The existing gas resources of the country are continuously depleting. Considering the constraint, RCF and GAIL independently explored possibility of utilizing coal, which is abundantly available in India. Both the companies carried out simultaneous studies on viability of coal gasification plants and chemical & fertilizer complex based on this. Both the studies indicated viability of such a project.
The 2 companies decided to jointly implement coal gasification project at Talcher. Synthesis gas produced in the coal gasification plant will be used in production of ammonia, urea and other chemicals. The project will add to production capacity of 1.15 million MT of urea per year. Estimated cost of ammonia-urea project is about Rs 32 billion.
Shares of the company gained Rs 5.35, or 5%, to settle at Rs 112.35. The total volume of shares traded was 352,458 at the BSE.(Friday)
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