HURL signs loan agreements for Gorakhpur Fertilizer Plant

HURL signs loan agreements for Gorakhpur Fertilizer Plant
HURL signs loan agreements for Gorakhpur Fertilizer Plant

Hindustan Urvarak & Rasayan Limited (HURL)  signed the Rupee Term Loan (Rs. 5314.33 crores) agreement for the Gorakhpur fertilizer plant today 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. Shri Rajnish Kumar, Chairman SBI presided over as the Chief Guest in the presence of Shri Gurdeep Singh, CMD NTPC, Shri Sunil Mehta, MD & CEO PNB, Shri A K Sharma, Director (Finance) IOCL and Shri Arun Gupta, Managing Director (HURL).

HURL is a JVC of 3 Maharana companies i.e., NTPC, IOCL & CIL along with FCIL & HFCL and is currently engaged in implementing 3 urea projects at Gorakhpur, Sindri and Barauni in the eastern part of the country. These plants having capacity of producing 3850 MTPD of neem quoted urea are being built with State-of-the-art technology and environment friendly norms with having highest energy efficiency levels. The commercial production is scheduled to begin from February 2021 which shall bring in a new era of self-sufficiency in meeting the urea requirements of the country. 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. These 3 plants which are being built at an estimated cost of Rs. 21,000 crores shall bring a new lease of life in the economic growth of the eastern India. GAIL is implementing a natural gas pipeline for supplying gas to these 3 plants and the total investment by HURL and GAIL amounting to Rs. 36,000/- crores shall spurt a new life in the small and medium enterprises and also give a boost to the services sector in these areas. Government of India is fully committed to support these 3 projects and implementation is being done by HURL at a fast track mode for completing these projects in a record time of 35 months from the zero date, which will be a new benchmark for urea project implementation in the world.

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