Ker to press centre for revival package for FACT

The Kerala government will press the centre to sanction a revival package for loss making fertiliser giant FACT at Udyogamandal near Kochi. A delegation of union leaders and MLAs met Chief Minister Pinarayi Vijayan in this regard here, a government release said today.
The chief minister assured the delegation that the state would press the union government to sanction a revival package for FACT.
CPI-M leader K Chandran Pillai, who is the convener of the 'Save FACT action committee', said Kerala should press the centre for converting FACT's Rs 1850 crore debt into shares or seek its waiver.
For FACT's rehabilitation, the UPA government had announced a Rs 991 crore revival package on December 20, 2013. Though the package did not come through, one and half years ago, the centre extended a loan of Rs 1000 crore to FACT after the company mortaged 408 acres of land to the government. Pillai said the state government was also keen to acquire few acres of FACT land. However, he said it should be given after setting apart land for the proposed Urea Ammonia complex and FACTAMFOS expansion.

Every year, about 90 lakh tonnes of urea was being imported and so if the urea plant comes up, it can run profitably, the release said.
Industriesminister A C Moideen also took part in the meeting.