The Indian government plans to complete the disinvestment of Hindustan Urvarak & Rasayan Ltd (HURL) in the current financial year by selling a 10-11 percent stake and listing the fertilizer company on stock exchanges, according to a senior official who requested anonymity. The initial public offering is expected to raise approximately 6,000 crore rupees.

HURL is currently majority-owned by three central public sector undertakings (PSUs): NTPC Ltd, Coal India Ltd (CIL), and Indian Oil Corporation (IOC), which together hold an 89 percent stake. Each of these companies owns about 29.8 percent in HURL. The Fertilizer Corporation of India Ltd (FCIL) and Hindustan Fertilizer Corporation Ltd (HFCL) are additional partners in the venture.

Established in 2016, HURL operates three gas-based fertilizer plants in Gorakhpur (Uttar Pradesh), Barauni (Bihar), and Sindri (Jharkhand). Each facility has an annual urea production capacity of 1.27 million metric tonnes, combining to a total capacity exceeding 3.8 million metric tonnes per annum.

In addition to the HURL disinvestment, the government intends to list at least one of two NTPC subsidiaries—North Eastern Electric Power Corporation Ltd (NEEPCO) and THDC India Ltd—during the current financial year. Preparations for engaging merchant bankers to facilitate these listings are expected to begin shortly.