NTPC Ltd, Indian Oil Corporation Ltd, and Coal India Ltd are planing to list their joint venture Hindustan Urvarak & Rasayan Ltd (HURL) to raise up to ₹6,000 crore in fiscal year 2027 (FY27) as part of Centre’s asset monetization plan, said two people aware of the matter.
NTPC also plans to list its subsidiaries North Eastern Electric Power Corp. Ltd (NEEPCO) and THDC India Ltd (THDC), which is a joint venture (JV) of NTPC and Uttar Pradesh government.
“The plan is to bring the public offering of HURL within the ongoing fiscal as part of the asset monetization roadmap by offloading 10-11% stake in total to raise ₹5,000-6,000 crore,” said the first of the two persons cited earlier, both of whom spoke on the condition of anonymity.
The listing of the three companies would require approval from the Department of Investment and Public Asset Management, the second person said. The department, under the ministry of finance, oversees the Union government’s equity investments, including , in Central Public Sector Enterprises, with the aim of optimising asset value.
NTPC, IndianOil and Coal India each hold a 29.67% stake in Delhi-headquartered Hindustan Urvarak & Rasayan, which was formed in 2016 to set up urea plants in Sindri (Jharkhand), Barauni (Bihar) and Gorakhpur (Uttar Pradesh). The balance 11% stake is held by Fertilizer Corporation of India Ltd (FCIL) and Hindustan Fertilizer Corporation Ltd (HFCL).
HURL has a capacity to produce 2,200 metric tonne per day (MTPD) of and 3,850 MTPD of urea at each of the three units. According to the company website, HURL currently supplies fertilisers to 17 states in the country.
Queries emailed to NTPC, IndianOil and Coal India on Friday evening were not immediately answered.
The proposal for HURL’s initial public offering (IPO) comes at a time when the West Asia war has heightened concerns over global fertilizer and urea supplies. India remains dependent on imports of urea and other fertilizers from the region.
“The monetization plan also involves public listing of the shares of hydropower companies THDC and NEEPCO. One of these two is expected to be listed in FY27,” added the second person.
The finance ministry launched the second phase of the National Pipeline in February this year under which the government aims to monetize public assets worth ₹16.73 trillion by 2030. Under this, the power sector is expected to account for asset sales worth ₹2.76 trillion.
Last year, the Department of Public Enterprises (DPE) approved a proposal to restructure the boards of THDC and NEEPCO, amid a push for hydropower projects along India’s eastern and north-western borders.
THDC has key hydro projects in Uttarakhand, including the Tehri, Koteshwar and Vishnugad Pipalkoti projects along with other renewable and thermal projects in other parts of the country.
Established in July 1988 with the primary objective of developing, operating and maintaining the 2.4 gigawatt (GW) Tehri Hydroelectric Project Complex, THDC currently has a 4.35GW operational power generation capacity across energy sources. NTPC holds a 74.49% stake in the company, with the remainder held by the government of Uttar Pradesh.
NEECPO, incorporated in 1976 to set up power stations in the northeastern region, operates six hydro, three thermal and one solar power plant with a combined installed capacity of 2.05GW, spread across different states in India’s northeast.
In March 2020, NTPC had acquired the Centre’s stake in both the companies for about ₹11,500 crore. The country’s largest electricity producer last listed the shares of its renewable energy arm NTPC Green Energy Ltd (NGEL) in November 2024 after its ₹10,000 crore IPO.