The Save FACT Action Committee, a combine of trade unions at the public sector Fertilisers and Chemicals Travancore here, has said it would oppose any move to sell the company’s assets to any private enterprise as per a recommendation by the NITI Aayog.
An emergency meeting of the committee here on Wednesday said that FACT occupied a unique position in Kerala’s industrial history and its assets were public property, considering that the 2,000 acres of its land was given specifically for expansion and diversification of the public sector company.
A spokesman for the committee said that the trade unions would meet on Thursday to chalk out a massive plan of action, involving even the public of Kerala, against the move to privatise the company.
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The reaction from the FACT unions comes in the wake of reports that the NITI Aayog had submitted a list of ailing or troubled public sector undertakings, numbering more than 30, which were in for disinvestment or strategic sale. The FACT unions had mobilised trade unions across the sectors of activities in 1996 to oppose a similar move to sell the company. FACT has been in financial trouble, though it has been making operating profit despite adverse conditions.
The company is expected to improve its performance during the current year, considering the favourable price of natural gas, which is used as feedstock by the factory.