However, further moves would be taken on the matter only after the new government was in place at the Centre, RCF chairman and managing director D K Varma told newspersons here last night after the company's 21st annual general meeting.

The proposal is yet to be taken up for government approval and the process of disinvestment can start only after the green signal is obtained from the Centre, he said.

The Centre currently has a 92.5 per cent stake in the company, while the remaining 7.5 per cent is with financial institutions (FIs).

RCF has posted better results in the second quarter of the current year as against the corresponding period in last year, Varma said.

Fertiliser sales of the company touched 12.20 lakh tonnes as on September 17 which is 1.15 lakhtonnes more than the total sales of the entire second quarter last year. In value terms, this is equal to Rs 774 crore as on September 17 as against Rs 652 crore in the whole of the second quarter in the previous fiscal.

In the case of industrial products, sales in the second quarter upto August 31 equalled Rs. 93 crore as against Rs. 105 crore in the entire second quarter last year, varma said.

Rcf had achieved its highest ever turnover at Rs. 2,061 crore in the last Financial year registering 18 per cent growth.

The company had recorded a net profit of Rs. 105.64 crore after making a provision of Rs. 87.06 crore against long outstanding inter-corporate loans. Meanwhile the US $1.1 billion Oman-India joint venture fertiliser project is finally showing signs of taking shape, with a recent restructuring.