Minister of State for Planning (IC) and Chemicals & Fertilizers, Shri Rao Inderjit Singh, in a written reply to a question on revival of Fertilizers and Chemicals Travancore Limited (FACT), in Rajya Sabha today, informed that Government of India has given financial support to FACT from time to time.
During the last ten years, Government of India had released a grant in aid of Rs.200 crores during financial year 2007-08 to sustain the operations of the company and to restart the shutdown plants.
Government also sanctioned a Plan loan of Rs.1000 Crore during the year 2016 to avert immediate financial crisis and to restart operations. The financial restructuring proposal is under examination of Government of India.
Shri Singh stated that the Government of India had accorded approval for sale of 169.69 acres of land to BPCL-Kochi Refinery. FACT has concluded sale of 150.9 acres of land to BPCL on 09.05.2018 and received net revenue of Rs 244.60 crore after adjusting dues of BPCL amounting to Rs 170 crore.
A proposal seeking approval of the Cabinet for sale of 481.79 acres of FACT land to Government of Kerala has been circulated for Inter-Ministerial consultation on 05.12.2018, the Minister stated.