New Delhi, March 22 (TIWN): The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Fertilisers for extension of applicability of the ‘New Investment Policy (NIP)- 2012’ for the three units of Hindustan Urvarak and Rasayan (HURL) at Gorakhpur, Sindri and Barauni.

The Centre had announced ‘New Investment Policy (NIP) – 2012’ on January 2, 2013 and its amendment on October 7, 2014 to facilitate fresh investments and make the country self-sufficient in the urea sector.

Incorporated on June 15, 2016, Hindustan Urvarak and Rasayan is a joint venture company by Coal India, NTPC and Indian Oil Corporation.

The company is reviving the erstwhile Gorakhpur and Sindri Units of FCIL and Barauni Unit of GFCL by setting up new gas based urea plants with the installed capacity of 12.7 lakh metric tonne each per annum.