A portion of the land not being used by FACT was being transferred to State entity Kinfra for launching petroleum derivatives park. The Union government had decided that proceeds from the land sale would be utilised for repaying the company’s debt and to pay tax. However, this will leave FACT with little money for its revival. Taking into consideration the development opportunities of FACT and interests of its employees, the Union government must utilise the proceeds from the land sale for the revival of the fertiliser company, the Chief Minister said. A memorandum of understanding has been signed between FACT management and the State government for land acquisition.

Source: The Hindu January 23, 2018 19:30 UTC