"Coal India’s stocks saw an almost 1 percent increase at the opening on the NSE on February 29. This followed the signing of a joint venture agreement with BHEL on February 28, aiming to establish an ammonium nitrate plant as part of their planned coal-to-chemical business.
According to a filing on February 28, Coal India shared that they have entered into a joint venture agreement (JVA) with BHEL for the coal-to-chemical business. The JVA involves setting up a plant capable of producing 2000 TPD (tonnes per day) of ammonium nitrate, using BHEL’s in-house developed PFBG (pressurised fluidised bed gasification) technology.
In this joint venture, Coal India will have a 51 percent stake, while BHEL will own the remaining 49 percent. The new joint venture company will be established in Odisha as a private limited company, starting with an initial paid-up share capital of Rs 1,00,000."