Cabinet approves sale of 481.79-acres of land held by FACT to Kerala Government

摘要

The Union Cabinet at its meeting on July 24,approved the sale of 481.79-acres of land held by the Fertilizers and Chemicals Travancore Ltd.(FACT)to the Govt,of Kerala in the following manner.150-acres of land will be sold at the rate of Rs.1 crore per acre.In lieu,the Govt.of Kerala has agreed to give free-hold right over 143.22 acres of land to FACT.The remaining 331.79 acres will be sold at Rs.2.4758-crore per acre as assessed by the District Collector of Ernakulam.The Cabinet also approved the utilisation of the sale proceeds by FACT to address working capital deficiency,improvement of balance sheet and enabling the company to enhance physical and financial performance by implementing capacity expansion projects for sustainable growth of the company.