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Bharat Coal Gasification and Chemicals Ltd (BCGCL), a subsidiary company of State-owned Coal India, officially launched to pursue the coal-to-chemicals industry. The new company is primarily controlled by Coal India (CIL), with BHEL owning the balance 49%.
Coal India in February signed a joint venture agreement with Bharat Heavy Electricals Ltd (BHEL) for undertaking a coal-to-chemicals business. Clearance of NITI Aayog and the Department of Investment and Public Asset Management (DIPAM) has been received for the formation of the joint venture company between BHEL and CIL, the filing mentioned in a statement.
"Bharat Coal Gasification & Chemicals Ltd has been incorporated for coal to chemicals business to produce ammonia and nitric acid as intermediate products and ammonium nitrate as end product," the filing said.
Meanwhile, CIL had signed a Memorandum of Understanding (MoU) with GAIL for setting up of coal-to-synthetic natural gas project at Sonepur Bazari area of Eastern Coalfields Limited (ECL) in Burdwan district at an estimated project cost of ₹13,052 crore. Coal India accounts for over 80% of domestic coal output.
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