FACT rallies over 7% on Rs 900 crore revival plan

MUMBAI: Shares of Fertilisers & Chemicals Travancore moved higher in trade following reports that the government is planning to provide Rs 900 crore revival package to the company.

According to reports, the package includes Rs 300 crore as interest free loan, Rs 150 crore as grant, Rs 282 crore will be waived off as outstanding loans and Rs 160 crore will be waived as pending interest amount.

Fertilizers Minister Ananth Kumar said he has discussed with Kerala Chief Minister Ommen Chandy the matter of tax incentives and the permission for use of FACT land for expansion and other activities.

“We need to expand our capability, add downstream industries. We have over 600 acres of land. Kerala government has conveyed its readiness, so we have requested for NOC (No Objection certificate),” PTI quoted Kumar.

At 09:50 a.m.; the stock was at Rs 42.65, up 6.23 per cent, on the BSE. It surged 7.6 per cent to touch intraday high of Rs 43.20.