SRF to get Rs 40cr for phasing out CTC

SRF has said the central government will provide it compensation amounting to about $9.37 million (approximately Rs 40.8 crore), starting 2005 till 2010, for reducing and eventually phasing out the production of
carbontetrachloride (CTC) for non-feedstock use.

The company said it has entered into a performance agreement with the government for getting the compensation.

This follows a May 11 order issued by the ozone cell of the ministry of environment and forests for implementation of the quota system for production of CTC for non-feedstock purpose in India to implement the agreement between India and the executive committee of the multilateral fund to the Montreal protocol for phasing out consumption and production of CTC.

As per the requirements of the order, every beneficiary has to enter into a performance agreement with the government, the company said in a release issued to the BSE today.