KOCHI: In an effort to overcome the financial crisis, the Fertilisers and Chemicals Travancore Limited (FACT) is planning to approach the Centre for an interest-free loan of Rs 550 crore. FACT Chairman and Managing Director Sham Lal Goyal revealed this while delivering the keynote address at a seminar on ‘’FACT Today, Tomorrow: Problems and Solutions’’, conducted by the FACT Employees’ Association at Udyogamandal Club on Saturday. Stating that the huge interest on the loans from financial institutions to tide over the liquidity problem was the major crisis faced, he said: “The company paid `140 crore as interest last year alone and the company’s loss is about ` 40 crore.’’“If there was no burden of this interest, the company could have easily registered a profit of ` 100 crore,’’ Goyal said. The revision of prices of fertilisers from FACT was inevitable due to high prices of raw materials, he added.Goyal said that the company had decided to go for a joint venture with public sector undertakings (PSUs) for implementing the long-pending projects.He said about 25 per cent of the urea requirement in India was met through import. “The country’s requirement of urea is about 28 million tonnes out of which eight million tonnes is iported. Import of Potash is 100 per cent as there is no indigenous production,’’ he said.
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