By IANS
New Delhi : State-owned fertiliser manufacturer Fertilisers and Chemicals Travancore Ltd (FACT), which is on the brink of collapse, will be bailed out with a grant of Rs.2 billion, the government announced Thursday.
“The union cabinet gave its approval for one-time interim grant of Rs.2 billion as non-plan fund to FACT to enable it to sustain its operations till March 2008,” said an official statement.
“This would help FACT to recover the losses due to inadequate compensation for input costs and fertiliser products,” the statement added.
According to FACT, apart from manufacturing and marketing fertilisers, it also has business interests in areas like petrochemicals, chemicals and pharmaceuticals.
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