State-owned National Fertilisers Ltd (NFL) on Tuesday said it has tied up with banks for financing its `3,850 crore urea expansions plan. NFL, the second largest producer of nitrogenous fertilisers in the country with 15 per cent market share, is in the process of converting its three urea manufacturing plants located in Panipat, Nangal and Bhatinda to natural-gas based units from oil-based ones.
NFL chairman, Mr V. K. Sharma, said that banks have agreed to give loans on favourable conditions as all the expansion projects are to materialise by the end of 2012, and the company plans to retire the entire debt by 2017. NFL stock surged 13 per cent on the NSE.