The board of directors at National Fertilizers (NFL) approved forming a joint company with selected partners. 

This new company will build the Namrup-IV Fertilizer Plant in Namrup, Assam. This is a planned move by NFL to expand its presence in the northeastern part of India and increase how much urea fertilizer it can produce to meet the country's growing needs for farming.

The joint project will involve working with other companies, but their names have not been announced yet. 

The agreement sets the stage for creating a Joint Venture Company (JVC) that will manage the Namrup-IV project.

NFL will own 18 percent of the shares in this new company. The estimated cost for NFL to buy these shares is Rs 572.45 crore. The plan will also need approval from the Department of Fertilizers and the Ministry of Chemicals.

The Namrup-IV project aims to build a modern facility for producing ammonia and urea.