Kerala government is planning to take over the Fertilisers and Chemicals Travancore Limited (FACT) as it require a complete revamp, to meet the current demands….reports Asian Lite News
Kerala is considering the take-over of the Kochi-headquartered central public sector undertaking, Fertilisers and Chemicals Travancore Limited (FACT), Chief Minister Pinarayi Vijayan said on Monday.
Vijayan was addressing a meeting of various trade union leaders of FACT. “If the Centre is not going to take forward its revamp, then the state government will consider to take over it and for it, will soon appoint a committee to study,” said Vijayan.
He also said that even while a committee will look into the takeover of FACT, the state government has decided to buy 600 acres of land that is now with FACT, to set up a Rs 1,200 crore new petro-chemical complex.
“The price of the land will be fixed by the Ernakulam District Collector and this new factory will provide jobs to thousands of people,” said Vijayan.
FACT was incorporated in 1943, by Maharajah Sree Chithira Thirunal Balarama Varma and is the first fertiliser manufacturing company in Independent India.