Cabinet approves extension of New Investment Policy benefits to RFCL

| | New Delhi
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Cabinet approves extension of New Investment Policy benefits to RFCL

Thursday, 10 June 2021 | PTI | New Delhi

The Government on Wednesday extended the subsidy benefits under the amended New Investment Policy 2012 to Ramagundam Fertilisers and Chemicals Ltd (RFCL), located in Telangana.

A decision in this regard was taken in the Cabinet meeting, chaired by Prime Minister Narendra Modi.

Briefing media after the Cabinet meeting, Information and Broadcasting Minister Prakash Javadekar said, "The subsidy benefit under the (amended) New Investment Policy 2012, which was brought in 2014, was applicable to those factories set up till 2019. But, RFCL has been set up in 2021, and this policy has now been extended to this also."

As per norms, the urea factories set up till 2019 were eligible for subsidies under the amended New Investment Policy 2012. Still, the benefits are extended to RFCL that was set up in 2021 because farmers will benefit at the end of the day, he said.

RFCL will manufacture 12.70 lakh tonnes of urea annually. This would help reduce the country’s dependence on imports and move towards the direction of self-reliance, he added.The New Investment Policy 2012 was amended on October 7, 2014.

 RFCL is a joint venture company of National Fertilizers Ltd (NFL), Engineers India Ltd (EIL) and Fertilizers Corporation of India Limited (FCIL).

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