GNFC awards Rs 360 Cr contract to Toyo Engineering for new Ammonium Nitrate plant

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AI summary

GNFC has awarded a Rs 360 Crore contract to Toyo Engineering India for setting up a new Ammonium Nitrate-II plant of 480 MTPD capacity. The project, approved by the Board in November 2025, will run 20 months and boost GNFC Ammonium Nitrate capacity by about 94 percent. Toyo has tied up with INCRO of Spain for process technology. The expansion supports Make in India goals.

Likely market impact

New Rs 360 Cr plant will nearly double Ammonium Nitrate capacity over 20 months, boosting future volumes and revenue.