Hindustan Urvarak & Rasayan Limited (HURL), a joint venture involving NTPC Limited, Indian Oil Corporation Limited, and Coal India Limited, is likely to dilute around 10–11% of its stake through an initial public offering in the current fiscal year 2026–27, according to an official source.
The proposed IPO is expected to raise between ₹5,000 crore and ₹6,000 crore as part of the government’s broader asset monetisation strategy aimed at unlocking value from public sector enterprises.
Officials indicated that the listing is being planned despite ongoing global energy uncertainties, including disruptions in the Strait of Hormuz linked to tensions in West Asia, which have affected fertiliser and energy supply chains.
HURL was incorporated in 2016 as a joint venture among its three main promoter companies, each holding nearly equal stakes, along with smaller equity participation from Fertilizer Corporation of India and Hindustan Fertilizer Corporation, which together hold a minority share linked to legacy assets and land use arrangements across plant locations in Uttar Pradesh, Bihar, and Jharkhand.
The company has reported strong financial performance, with a profit after tax of ₹1.38 lakh crore in FY25, compared to ₹1.32 lakh crore in the previous fiscal year, according to its annual report.
The Department of Fertilizers had earlier advised promoter entities to explore disinvestment options in HURL, following which the respective boards and ministries approved the move.
Alongside HURL, the government’s monetisation plan also includes potential public listings of NTPC subsidiaries such as THDC India Ltd and North Eastern Electric Power Corporation Ltd (NEEPCO), both of which operate hydro, thermal, and renewable energy assets across India.
Officials said one of these power sector entities could also be listed in FY27, depending on regulatory approvals from the Department of Investment and Public Asset Management. The broader monetisation programme is part of the National Monetisation Pipeline, which aims to unlock large-scale value from public assets across sectors, including power, infrastructure, and energy.
