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Posted On
date_range 25 July 2019 8:12 PM IST Updated On
date_range 25 July 2019 8:12 PM ISTUnion Cabinet approves sale of FACT land to Kerala govt
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New Delhi: The Union Cabinet has given nod to the sale of 481.79 acres of land held by Fertilizers and Chemicals Travancore Ltd (FACT) to the government of Kerala.
FACT will use the proceeds from the sale to revamp working capital deficiency, shore up balance sheet, enabling the company to improve its financial performance through implementing capacity expansion projects.
The approval will help FACT cut down the bank borrowings and implement projects for increasing fertiliser production capacity as well as upgrading logistics and raw material handling facilities.
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