The Board for Industrial and Financial Reconstruction (BIFR), which was scheduled to hold its first hearing on the Fertilisers And Chemicals Travancore Limited (FACT) on Tuesday, has postponed the hearing. A new date has not been announced, sources here said.
The postponement of the hearing follows a request by the Union Department of Fertilizers. Chairman and Managing Director of the company Jaiveer Srivastava had told reporters here last week that a communication from BIFR was expected on Monday. He had said that being referred to the BIFR was part of a procedure in view of the poor financial condition of the company.
The Department of Fertilizers had conveyed to the BIFR that a package for the revival and long-term term growth of the company was at an advanced stage.
The Board for Reconstruction of Public Sector Enterprises (BRPSE) had recommended a package of Rs. 991 crore for the company as well as several other measures for the long-term growth of the company.
One of the BRPSE recommendations was that FACT be given LNG at affordable rates or be awarded LNG compensation to make good the loss due to the high cost of feedstock.
The FACT management has also drawn up a long and medium-term growth plan, involving a total investment of about Rs. 8,000 crore.
