Rashtriya Chemicals and Fertilizers Limited (RCF) has informed that the company has undertaken a project to manufacture Wall panels, putty and other related products by using Gypsum.

The company officials said in a communiqué that the project is in final stage of completion and the plant is likely to start production by end of April, 2009.

In addition, the company to market these products has signed an agreement with Future Products Pvt. Ltd, to set up a Private Limited., Company (JVC).

Under the arrangement, the two partners will have equal shareholding in the proposed Company and the proposed Company will have an authorised capital of Rs 5 crore and paid-up capital of Rs l. 50 crore.

Despite this positive development, the shares of the fertilizer maker were trading down, tracking the broad market. The RCF stock was down 3% at Rs 39 on BSE.