GAIL To Invest ₹17 Billion In Talcher Fertilizer Rights Issue

GAIL (India) Ltd. on Friday said it will subscribe to 1.7 billion equity shares at a face value of ₹10 each in the rights issue of Talcher Fertilizer Ltd., its joint venture. GAIL, Coal India Ltd., and Rashtriya Chemicals & Fertilizers Ltd. each hold 33.33% in the venture, while Fertilizer Corp. of India Ltd. owns the remaining stake.

Talcher Fertilizer was formed to revive Fertilizer Corp.’s unit by setting up a coal gasification-based fertiliser plant in Talcher, Odisha. GAIL said the share subscription is expected to be completed on or before July 9.