RCF, the state run fertiliser firm has decided toacquire 11 percent equity stake for about Rs 180 crore in the proposed joint venture firm for revival of closed urea plant at Sindri in Jharkhand.

RCF has said in a regulatory filing that “… the Board of Directors of the Company at its meeting held on February 25, 2016 has accorded in-principle approval to take a minimum of 11 percent equity stake in the revival of Sindri unit of FCIL by forming new Joint Venture Company with other PSUs.”

The government has decided to revive FCIL’s Sindri unit through the investment of the proceeds of sale of part of its land to Jharia Rehabilitation Development Authority (JHReDA), Jharkhand and by forming joint venture with other PSUs who have relevant experience.

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