Fertilisers Minister D V Sadananda Gowda on Thursday hailed the government's decision regarding the sale of land held by Fertilizers and Chemicals Travancore Ltd (FACT) to the government of Kerala and stated that it will strengthen the organisation and enhance its production capacity.
Taking to Twitter, he wrote, "Cabinet approves the sale of land held by FACT to Govt. of Kerala. This will enable FACT, Kochi to use unused immovable assets to strengthen its viability and enhance production capacity."
Asserting that the decision will greatly benefit the farmers of South India, he added, "Supply of fertilisers in South India will improve and benefit local farmers. Other benefits include generation of new employment, reduction in import dependence and savings of foreign exchange."
On July 24, the Central government had approved the sale of FACT land to Kerala government.
Briefing about the decision, Union Minister Prakash Javadekar had said that the government has decided to revive the Fertilisers and Chemicals Travancore (FACT), which is facing financial burden and bogged down with heavy borrowing.
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