An agreement to release Rs 1000 Crore to the Fertilizers and Chemicals Travancore Limited (FACT), a Central Public Sector Undertaking, for its revival was signed last week.
Speaking on the occasion, Union Minister Ananth Kumar said that the Modi Government is committed to the food security of the nation, and fertilizers security is one of its main components. He said that FACT, due to various reasons, had fallen sick and its revival has been one of the priority item on the Government’s agenda.
Stating that FACT is one of the oldest fertilizer company of the country, Kumar said that it provides employment to over 2,700 persons directly or indirectly, over 30,000 families are associated with the Company, and it caters to the needs of lakhs of farmers of South India.
The Minister said the reduction in gas prices, and benign policy of the Government will help the Company in its growth. He said that over a period of time, the Company may add an ammonia plant to produce urea.
