FACT Engineering and Design Organisation (FEDO), an engineering consultancy part of Fertilizers and Chemicals Travancore, will be an independent profit centre from January 1.
Chairman and Managing Director of FACT Jaiveer Srivastav told reporters here on Wednesday that FEDO would soon open its offices in Delhi, Mumbai and select centres abroad to cash in on the boom in business seen by the organisation in recent years.
Mr. Srivastava said that turning FEDO, established in 1965, into an independent unit meant that it would have more freedom to make decisions in keeping with market requirements.
FEDO is learnt to have received about Rs.15 crore in consultancy fees during the last financial year and the market conditions are good for it to foray more resolutely into the market, said a senior FACT official, who pointed out that the unit had recently completed consultancy work for Indian Oil Corporation’s Rs.3,000-crore Paradip project.
One of the areas in which FEDO will now concentrate is raising its manpower.
The entity has about 60 engineers under its command currently, the manpower strength having considerably been reduced over the years from the level of 400.
FEDO’s core areas include, among others, fertilizers, petrochemicals, refining, pharmaceuticals, pesticides, hydro-metallurgy and organic and inorganic acids, said information posted on FEDO website.