KOCHI: Fertilisers and Chemicals Travancore Limited (FACT) Chairman and Managing Director AB Khare has told Express that the company is committed to pay back the Rs 1,000 crore loan given by the centre at the earliest.
“Our plans are under consideration by the government. We expect that a favorable decision on this will be taken in financial year 2017-18,” Khare said.
The pay back of the loan given at 13.5 per cent interest rate is set to start from April 1 onwards. The company has to pay Rs 335 crore a year including interest interest to close the loan within the allotted time.
However, the distribution area of the company is nearly 1,400 km around Ernakulam, which includes all the South Indian states. But, beyond that FACT will not get any transportation subsidy.
“We are facing tough competition from private players in South India as they have the capability to produce huge volumes. But we have a great brand name and goodwill in the industry.
FACT has many expansion plans and all these are under the consideration of the government. If these plans go through, the company will surely script a success story,” said FACT’s chief general manager, marketing, D Nanda Kumar.