Coal India, BHEL signs JV pact coal-to-chemicals biz
Coal India and Bharat Heavy Electricals Ltd (BHEL) on Wednesday announced the signing of a joint venture agreement for setting up of an ammonium nitrate plant as a part of its coal gasification project.
The joint venture will initiate the ‘coal to chemicals’ business by first setting up a 2,000 tonnes per day ammonium nitrate plant and will use Pressurized Fluidized Bed Gasification technology developed by BHEL, the company said in an exchange filing.
Coal India will own 51% stake in the joint venture with BHEL acquiring the remaining 49%. The JV will be registered in Odisha, and incorporated as a “private limited” company with an initial paid-up share capital of Rs 1 lakh.
