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Govt mulls financial restructuring Proposal for FACT

PW Bureau

A proposal seeking approval of the Cabinet for sale of 481.79 acres of FACT land to the Kerala govt has been circulated for inter-ministerial consultation on December 5 last year New Delhi: The government is considering a financial restructuring proposal for Fertilizers and Chemicals Travancore Limited (FACT) and has already approved the sale of 169.69 acres of land to Bharat Petroleum Corporation Ltd’s Kochi refinery. While FACT has already sold 150.9 acres of land to BPCL and raised net revenue of Rs 244.60 crore after adjusting dues of BPCL amounting to Rs 170 crore, the rest of the land assets will be sold off in due time. While responding to a question on the revival of FACT, Minister of State for Chemicals and Fertilizers Rao Inderjit Singh said that a proposal seeking approval of the Cabinet for sale of 481.79 acres of FACT land to the government of Kerala has also been circulated for inter-ministerial consultation on December 5 last year. He also said the government of India has given financial support to FACT from time to time and had released a grant in aid of Rs 200 crores during the financial year 2007-08 to sustain the operations of the company and to restart the shutdown plants. The government also sanctioned a plan loan of Rs 1,000 crore during the year 2016 to avert an immediate financial crisis and to restart operations.