| As reported in a section of the media FACT has not been eliminated from the list of companies but will be considered soon, said an official spokesperson of the company to Business Standard. |
| "We are in the queue now. Our case will be considered in the next sitting in this month itself," he said. |
| The ministry of fertilisers and chemicals had handed over the proposals of the ailing fertiliser giant which had a net loss of Rs 46.87 crore in Q1 of the current fiscal, to BRPC . |
| New chairman and managing director of the company, G C Gopala Pillai attended the sitting and was given assurance that it would be considered in the next sitting. |
| The company has given its first priority to cleaning up the balance sheet and go for development of its two units simultaneously. |
| The proposals mainly include re-structuring of outstanding loans which will amount to Rs 574 crore and as per the proposal 50 percent of the loan should be converted into equity of Government of India. Another 50 per cent, which come to around Rs 300 crore will be written off. |
| Total accumulated interest of FACT is to the tune of Rs 80 crore and company had asked to write off the interest partially. This will help clean up the balance sheet. |
| In the revival package submitted to the ministry company demanded subsidy for its products including ammonium sulphate. |
| He also said that some other proposals on BOT basis is under consideration of the management of the company and would be submitted soon. FACT, which was one of the major fertiliser company of the country had started production in 1944 and was red since 1999. |
| It was mainly due to liberal import policy of the government especially for products like caprolactum and ammonia. |
| But the company made a significant improvement inits sales during April - June, which increased to Rs 249.11 crore. |
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