Sadanand Gowda hands over Rs. 813 Cr to HURL
Chemical

Sadanand Gowda hands over Rs. 813 Cr to HURL

Out of a total amount of Rs. 1,257.82 crore, the minister has handed over Rs. 813.24 crore to HURL in respect of interest free loan for the revival of Gorakhpur, Sindri & Barauni projects

  • By ICN Group | April 06, 2021

The Union Minister for Chemicals and Fertilizers D. V. Sadananda Gowda has handed over a cheque of Rs. 813.24 crore to Hindustan Urvarak & Rasayan Limited (HURL) for the revival of Gorakhpur, Sindri and Barauni projects.  

Out of total amount of Rs. 1,257.82 crore, the minister has handed over Rs. 813.24 crore to HURL in respect of interest free loan for the revival of Gorakhpur, Sindri and Barauni projects. The company operates environment friendly and energy efficient natural gas based new fertilizer complexes, spurring economic growth in eastern India.

Speaking on the occasion, the minister emphasized that the release of interest free loan to HURL will further strengthen its financial condition during COVID-19. It will also assist HURL to complete its project in time i.e. 2021 and boost the “Aatmanirbhar Bharat” campaign of Government of India by increasing the indigenous production of Urea.

The operationalization of these plants will reduce the import dependency on urea by 38.1 LMT per annum and it will save huge forex. The capacity of each plant would be 12.7 LMT per annum. The minister also informed that HURL projects will create huge opportunities of direct and indirect employment.

The Gorakhpur, Barurani and Sindri projects have achieved 89%, 85.1% and 86.1% progress as on 28.02.2021. Once these projects are commissioned, it would increase our domestic capacity, and further self-reliance in urea production.

The government had approved interest free loan (IFL) of Rs. 1257.82 crore to HURL projects situated at Gorakhpur, Sindri and Barauni on 01.08.2018.

Other Related stories

Startup

Petrochemical

Digitization

Gas