Monday, June 23, 2014

Central government approves revival package for fertiliser PSU FACT

Union minister for chemicals and fertilizers Ananthkumar visiting the Fertilizers and Chemicals Travancore Ltd., Cochin, in Kerala on June 20
THE Narendra Modi-led NDA government at Centre seems to be taking a proactive approach in so far as the revival of sick or loss making public sector undertakings (PSUs) is concerned. After BSNL and MTNL, the government is now showing seriousness for reviving yet another sick PSU.
Union fertilizer and chemicals minister Ananth Kumar who visited...
the Fertilisers and Chemicals Travancore (FACT) last week disclosed that the revival package for Fertilisers and Chemicals Travancore (FACT) Limited is under the active consideration of the central government, and a decision in this regard will be taken soon. He told this to reporters on June 20, after visiting the Fertilisers and Chemicals Travancore plants and holding discussion with top officials and trade union leaders. The loss-making fertiliser company has been waiting for such a relief package from the Central government. At one stage, FACT CMD Jaiveer Srivastava himself warned that the situation was so bad that the company would have to discontinue the functioning of some of its plants, if the package was not cleared.
Earlier, the the Board for Reconstruction of Public Sector Enterprises (BRPSE) had approved a Rs 991-crore revival package for the FACT. But the UPA government at Centre failed to grant the final nod before its term ended. The Union minister said that the Central Government had cleared the expansion projects proposed by the FACT.
“This was one of the first decisions taken by the Modi Government,” he said.
He said he held discussions with chief minister Ommen Chandy regarding the revival package, and that the State Government had  taken a positive stand. The minister further noted that a roadmap would be prepared for the future expansion of the Fertilisers and Chemicals Travancore.
Fertilizers And Chemicals Travancore Limited (FACT) was incorporated in 1943. In 1947 FACT started production of ammonium sulphate with an installed capacity of 50,000 MT per annum at Udyogamandal, near Cochin. In the year 1960, FACT became a PSU and towards the end of 1962, Government of India became the major shareholder. From a modest beginning FACT has grown and diversified into a multi-division/multifunction organization with basic interest in manufacture and marketing of Fertilisers and petrochemicals, design engineering and consultancy and in fabrication and erection of industrial equipment.

1 comment:

  1. good news for FACT employees,what about Hindustan photo films,HPF need only 50 crores cash infusion for revival but our vested interest the great chidhambaram refused the revival and sanctioned 182 crores for closure,now the scene was changed but the chidambarams agents (DHI bureaucrats ) still following his instructions in MODI govt,never the sick psu is turn around because of this agents in India.