ONGC-Chambal plans more projects in India, overseas.

State-run Oil and Natural Gas Corp is planning to enter gas-based urea production in a big way through a joint venture with Chambal Fertilisers & Chemicals Ltd.

The explorer has proposed to form a 50:50 joint venture with the KK Birla group firm that would develop a 1.3-million-tonne fertiliser plant in Tripura through a special purpose vehicle (SPV).

The Tripura Government will pick up a 10 per cent stake in the SPV, while the holding of the ONGC-Chambal JV is yet to be firmed up, according to sources.

The idea behind the proposed equity structure of the fertiliser project is to keep the doors open for developing more such projects - in India or overseas - for the ONGC-Chambal JV in participation with local partners.

HBL