Coal India, an Indian state-controlled coal mining company, announced that it has entered into a joint venture (JV) agreement with GAIL, Rashtriya Chemical Fertilizers (RCF) and Fertilizer Corporation of India (FCIL) for incorporation of a company namely - 'Rashtriya Coal Gas Fertilizers.'

The joint venture is formed to establish and operate new coal gasification based fertilizer complex (ammonia urea complex) at Talcher along with power plant and associated facilities at Talcher unit of FCIL and to market its products.

A consortium of RCF, GAIL, CIL and FCIL had agreed to invest Rs 80 billion for the revival of this urea plant with a production capacity of 1.2 million tonnes per annum.

Shares of the company declined Rs 5.35, or 1.62%, to trade at Rs 324.40 at the BSE (2.34 p.m., Thursday).