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Our Bureau

New Delhi, Feb. 8 The Government has approved an interim grant of Rs 200 crore to the ailing Fertilizers and Chemicals Travancore Ltd (FACT) to help it sustain operations till the end of this fiscal.

The one-time interim grant was approved by the Cabinet Committee on Economic Affairs (CCEA).

“This would help FACT to recover the losses due to inadequate compensation for input costs and fertiliser products,” an official from the Department of Fertilisers said.

FACT, the only fertiliser company operating in Kerala, manufactures Factamfos, an NPK complex fertiliser (Nitrogen, Phosphorous and Potassium mixture) and Caprolactam, the raw material for Nylon, whose by-product ammonium sulphate is an important secondary nutrient.

The DoF official said that the company was making profits until 1998. According to estimates, till the end of March 2007, the accumulated losses of the company were round Rs 395.53 crore.

“From April this year, we will have a new dispensation for the company based on the recommendations of the Tariff Commission; and the Department feels that this will help the company,” he added.

More Stories on : Sick Units | Fertilisers

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