GAIL (India) Limited has informed the Exchange about General Updates
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GAIL (India) Limited is subscribing to a rights issue of Talcher Fertilizer Limited (TFL), acquiring 1,06,75,06,771 equity shares at a face value of Rs. 10 each, amounting to about Rs. 10,675 crore in total. TFL is a joint venture between GAIL, Coal India, RCF and FCIL, set up to revive the Talcher fertilizer plant in Odisha using coal gasification technology to produce urea. GAIL currently holds 33.333% in TFL and is taking up this rights issue to maintain its proportional shareholding. The transaction is not a related party deal since the rights are being offered uniformly to all existing shareholders. The investment is expected to be completed by July 9, 2025.
This is a follow-on capital infusion into an existing joint venture, so GAIL's overall control in TFL stays unchanged at about one-third. The move signals GAIL's continued commitment to the Talcher coal gasification urea project, which is strategically important but carries execution risk given the technology involved.