Hindustan Urvarak & Rasayan Limited signs Agreement with DoF for release of Interest Free Loan
Mumbai: Hindustan Urvarak & Rasayan Ltd, a JVC of three energy giants, i.e., NTPC, Indian Oil & Coal India Ltd was incorporated to revive three old urea plants at Gorakhpur, Sindri & Barauni in the eastern part of India. The Cabinet Committee on Economic Affairs in its meeting held on 01.08.2018 granted interest free loan to HURL to the tune of Rs.1258 crores. The final agreement for release of this fund to HURL was signed between Department of Fertilizer & HURL on 8th Sept 2020 in the august presence of the Hon’ble Minister for Chemical & Fertilizer, Shri D. V. Sadananda Gowda. Shri Arun Gupta, MD (HURL), while signing this agreement, expressed his deep gratitude to Department of Fertilizer and Niti Aayog for this unprecedented support and also requested the Government for early release of this loan. Speaking on this function, Shri D. V. Sadananda Gowda expressed his satisfaction on the overall progress achieved by HURL in all the three projects and wished that the delay caused by the Covid-19 pandemic will be minimized to the extent possible. He also promised to facilitate early release of the loan to HURL and hoped that all 3 urea plants will be made operational in year 2021, thus making the country self-sufficient and “Atma Nirbhar” in meeting its urea demand.