Plea to PM to utilise transfer fund for FACT modernisation

Kerala Chief Minister Pinarayi Vijayan today urged Prime Minister Narendra Modi to utlise the amount mobilised from transfer of about 480 acres of FACT land in Kochi to KINFRA for modernisation and expansion of the sick central Public Sector Undertaking.
A letter in this regard was sent to Prime minister today.
The unutilised land of FACT has been transfered to Kerala Industrial Infrastructure Development Corporation (KINFRA) for setting up a Rs 1,800 crore Petrochemical Park.
An MoU in this regard was signed in December 2017 by the Kerala government and Fertilisers and Chemicals Travancore.
The park is aimed at making Kochi a hub in petrochemical production chain on par with Jurong in Singapore and industrial complexes in South Korea.

The fertilisers ministry had decided to utilise the amount for clearing the liablities of FACT and tax arrears.

Once these dues are cleared, there will not be any resource left for revamping of the fertiliser company, an official press release said.
FACT's rehabilitation is already under the consideration of the Fertilisers and Chemicals ministry.
Hence, necessary instructions should be given to the concerned ministry to utilise the entire amount derived from the transfer of land for the expansion and modernisation of the PSU, the release added.
The Chief minister also wanted Modi to either write off the loan amount of the centre or convert the same into shares of FACT.

The Petroleum park project, being developed by KINFRA,will foster an environment for industries that use the by-product of Bharat Petroleum Corporation Ltd (BPCL).