Talcher Fertilizers Limited

What Talcher Fertilizers Limited does

Talcher Fertilizers Limited (TFL) is a joint venture company incorporated in 2018 and headquartered in Bhubaneswar, Odisha, with four Indian public sector undertakings as promoters: GAIL (India) Limited, Coal India Limited, and Rashtriya Chemicals & Fertilizers Limited each hold 31.85%, while Fertilizer Corporation of India Limited holds 4.45%. The company was formed to revive FCIL's defunct Talcher fertilizer unit in Angul district, Odisha, and is constructing India's first coal gasification-based ammonia-urea complex, comprising a Coal Gasification Unit, an Ammonia Plant with a design capacity of 2,200 MTPD, and a Urea Plant with a design capacity of 3,850 MTPD, plus CFBC boiler-based steam generation, air separation, CO shift conversion, and gas cleanup. The intended output is 1.27 MMTPA of Neem-coated prilled urea, fed by 2.5 MMTPA of coal from Talcher Mines with up to 25% pet-coke blending from IOCL's Paradip Refinery; recoverable sulphur and glassy slag are by-products.

The business model is structurally B2G and subsidy-driven. The full urea output is sold to the Government of India under the Nutrient Based Subsidy regime at government-controlled rates, and then distributed to farmers through the national fertilizer dealer network; TFL has no farmer-facing sales motion. The project is funded at approximately INR 13,277 crore in a 72:28 debt-to-equity structure, with INR 9,559.59 crore of debt from a consortium of nine banks (financial closure achieved June 2021) and INR 2,416 crore of upfront promoter equity. Revenue does not yet exist: the plant was 71.24% complete as of February 2026, with commissioning slipped from September 2023 to December 2027 — over four years behind the original schedule — primarily due to underperformance by the Chinese LSTK contractor Wuhuan Engineering Co. Ltd., and a debt restructuring exercise is currently underway with SBI Capital Markets and CARE Ratings engaged through 2025–2026.

Name

Talcher Fertilizers Limited

Legal name

Talcher Fertilizers Limited

Website

https://tflonline.co.in

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Talcher Fertilizers Limited is a joint venture of GAIL, CIL, RCF, and FCIL constructing India's first coal gasification-based ammonia-urea complex (1.27 MMTPA) in Odisha, with output to be sold to the Government of India under the Nutrient Based Subsidy scheme.

Ownership category

akta.pro rank

Product category

Fertilizer Manufacturing

NAICS

Nitrogenous Fertilizer Manufacturing (325311), Petroleum and Coal Products Manufacturing (324)

SIC

Miscellaneous Products Of Petroleum & Coal (2990)

akta.pro primary industry

Nitrogen Fertilizers (Ammonia, Urea, UAN, Ammonium Nitrate/Sulfate) (AFABABAA)

Keywords

• Coal gasification fertilizer
• Urea manufacturing
• Ammonia production
• Neem-coated urea
• Fertilizer complex

Headquarters

HQ city

Talcher

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Infrastructure, Operations, Personnel, Technology or R&D

Revenue model

1. Urea Sales under Government Subsidy: Talcher Fertilizers produces urea that is sold under India's Nutrient Based Subsidy (NBS) regime. The government provides subsidy to manufacturers to make fertilizers affordable for farmers. The company receives NBS rates (e.g., Rs. 41,533.81 crore for Kharif-2026) to bridge the gap between controlled urea price and cost of production.
2. By-product Sales (Sulphur, Slag): The coal gasification process produces by-products including sulphur (marketed) and inert glassy slag from coal ash conversion. Carbon dioxide removed from syngas is recycled for urea production rather than sold separately.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Talcher Fertilizers Limited is building and will operate India's first coal gasification-based ammonia-urea complex at Angul, Odisha. The facility converts domestic coal (with up to 25% pet-coke blending) into synthesis gas, then processes it through air separation, CO shift conversion, gas cleanup, ammonia synthesis, and urea production to produce 1.27 MMTPA of Neem-coated prilled urea.

Product overview

Talcher Fertilizers Limited operates a single integrated coal gasification-based ammonia-urea manufacturing complex. The facility converts coal (with up to 25% pet-coke blending) into synthesis gas, which is then processed through air separation, CO shift conversion, gas cleanup, and ammonia synthesis to produce urea. The main output is 1.27 MMTPA of Neem-coated prilled urea. The plant consists of three primary production units: Coal Gasification Unit, Ammonia Plant (2200 TPD), and Urea Plant (3850 TPD). The project is located at the existing FCIL plant site in Angul district, Odisha, and represents India's first coal gasification-based ammonia-urea facility.

Differentiator

Problem solved

Functional benefit

Products and services

• Coal Gasification based Ammonia Urea Complex
• Neem Coated Prilled Urea

Quantifiable outcome

• Will add 1.27 MMTPA of domestic urea capacity, contributing to India's target of reducing import dependence
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Ten partnerships are on record, tiered flagship, core and minor.

• GAIL (India) LimitedflagshipStrategic or Co-development PartnerGAIL holds 31.85% stake in Talcher Fertilizers Limited as a Joint Venture Company (JVC) promoter. GAIL serves as the operator and technical lead, providing natural gas sale agreement (signed December 2023) and pipeline infrastructure. Deepak Gupta, Chairman and CMD of GAIL, also serves as Chairman of Talcher Fertilizers Ltd. The project is located at GAIL's existing infrastructure area.
• Coal India Limited (CIL)flagshipStrategic or Co-development PartnerCIL holds 31.85% stake in Talcher Fertilizers Limited as JVC promoter. CIL provides long-term coal linkage (allocated April 2023) from Talcher Mines for coal gasification feedstock (2.5 MMTPA). Dr. Peeyush Kumar, GM (Business Development) at CIL, serves as Non-Executive Director on TFL board. Chiranjib Patra, ED (Corporate Affairs & Business Development) at CIL, also serves on the board.
• Rashtriya Chemicals & Fertilizers Limited (RCF)flagshipStrategic or Co-development PartnerRCF holds 31.85% stake in Talcher Fertilizers Limited as JVC promoter. RCF provides operational expertise in fertilizer production. Smt. Jyoti V. Patil, Executive Director (Projects, Corporate & Coordination) at RCF, serves as Nominee Director on TFL board. S.C. Mudgerikar, CMD of RCF, is associated with the project. RCF also provides the project CEO.
• Fertilizer Corporation of India Limited (FCIL)coreStrategic or Co-development PartnerFCIL holds 4.45% stake in Talcher Fertilizers Limited. The project revives FCIL's Talcher fertilizer unit at Angul district, Odisha. FCIL provides the existing plant site and land (Concession Agreement executed January 29, 2021). Naresh Arya, Director (Finance) of FCIL, serves as Nominee Director on TFL board.
• Wuhuan Engineering Co. Ltd, ChinacoreImplementation/ SI/ Consulting PartnerChinese contractor engaged as LSTK (Lump Sum Turn Key) contractor for Coal Gasification and Ammonia/Urea packages (LOA issued September 2019). Contract value: Coal Gasification Plant - USD 292,647,881 + INR 34,124,065,251; Ammonia-Urea Plant - USD 148,100,063 + INR 14,103,138,338. Project has faced delays due to issues with Wuhuan including delays in placing supply orders, inadequate manpower and machinery deployment, and repeated cost escalation demands.
• M/s PDIL (Projects and Development India Limited)coreImplementation/ SI/ Consulting PartnerPDIL serves as consultant for the Talcher Fertilizers project, providing technical expertise and project management support. PDIL has assisted in contractor engagement and project coordination activities.
• Indian Oil Corporation Limited (IOCL)coreStrategic or Co-development PartnerTFL has executed MoU with IOCL (signed October 2021) for supply of up to 0.32 MMTPA of pet-coke from IOCL's Paradip Refinery. Pet-coke blending (up to 25%) is used to handle high ash content in coal for the gasification process.
• PTC India LimitedminorImplementation/ SI/ Consulting PartnerPTC India was engaged on nomination basis (April 2021) for consultancy services for grid connectivity to supply 90 MW power through LILO arrangement from existing 220kVTTPS Rengali line and construction of 220 KV LILO GIS for TFL. Contract value: INR 5.81 Crores.
• OPTCL (Odisha Power Transmission Corporation Limited)minorImplementation/ SI/ Consulting PartnerPower supply agreement signed with OPTCL (November 2020) for 90 MW power requirement for the project.
• CISF (Central Industrial Security Force)minorOthersCISF has been inducted at TFL site for safety and security of the mega coal gasification based urea project.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• GAIL (India) Limited: Lead promoter (31.85%), technical operator and natural gas supplier to TFL; comparable as India's largest state-owned gas utility with petrochemical and fertilizer-adjacent exposure, providing the strategic and feedstock context for TFL.
• Coal India Limited: Promoter (31.85%) supplying dedicated 2.5 MMTPA coal linkage from Talcher Mines; comparable as India's largest coal producer and a key strategic backer for any coal-gasification fertilizer platform in India.
• Krishak Bharati Cooperative Limited (KRIBHCO): Indian cooperative urea and complex fertilizer producer with gas-based ammonia-urea operations; comparable on NBS-channel revenue and Indian agricultural end-market exposure.
• Chambal Fertilizers and Chemicals Limited: Largest private-sector urea producer in India with ~3.4 MMTPA capacity and an NPK plant; comparable as a major Indian urea incumbent under the same NBS framework, though privately owned.
• Indian Farmers Fertiliser Cooperative Limited (IFFCO): Largest Indian fertilizer cooperative operating multiple urea plants; directly comparable as a high-volume domestic urea producer selling under the NBS scheme with agricultural India end-market.

Direct peers

• Rashtriya Chemicals & Fertilizers Limited (RCF): One of TFL's three promoter shareholders (31.85%) and India's largest PSU urea and NPK producer; operates multiple ammonia-urea plants and provides TFL's operational expertise, making it a direct peer and parent benchmark.
• Hindustan Urvarak & Rasayan Limited (HURL): Indian JV of NTPC, IOCL, FCIL and HFCL operating revamped natural-gas based urea plants at Gorakhpur, Sindri and Barauni; same PSU-backed B2G urea model under NBS as TFL, making it the closest Indian peer in mandate and structure.
• National Fertilizers Limited (NFL): Major Indian PSU urea producer with multiple gas-based ammonia-urea plants; comparable B2G NBS-driven revenue model and end-market exposure to Indian agricultural urea demand.
• Ramagundam Fertilizers and Chemicals Limited (RFCL): JV of NFL, EIL, FCIL and HFCL operating a 2,200 MTPD gas-based ammonia-urea plant at Ramagundam; directly comparable as a PSU-promoted urea greenfield with similar B2G offtake under the NBS scheme.

Emerging players

• Bharat Coal Gasification and Chemicals Limited: JV of Coal India and BHEL (with GAIL) developing coal-to-chemical projects including ammonia; closely comparable as a PSU-led coal-gasification platform and potential complement to TFL.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/talcher-fertilizers-limited-jv-of-gail-cil-rcfl-fcil

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Talcher Fertilizers Limited