VIZIANAGARAM: Ferro Alloys Corporation Ltd. (FACOR) has received in-principle approval from the East Coast Railway (ECoR) to migrate its existing railway siding into the Gati Shakti Cargo Terminal (GCT) project at Shreeramnagar in Garividi mandal, marking a major step in the company’s revival.
FACOR proposed a Rs 100-crore Gati Shakti Cargo Terminal project to modernise its railway siding over four years.
The East Coast Railway granted in-principle approval, subject to submission of a feasibility report, revised engineering drawings and compliance with Railway Board standards and guidelines.
FACOR President Vinodh Saraf said, “This approval paves the way for the development of a modern, multi-user cargo terminal with upgraded railway infrastructure capable of serving not only FACOR Alloys Limited but also industries located in and around Vizianagaram district. The proposed project is expected to substantially improve rail logistics, reduce transportation costs and promote industrial development in the region.”
Despite its strong legacy, FACOR has faced financial challenges over the past 15 years because of market fluctuations and rising raw material and electricity costs. The management announced layoffs several times over the past decade and gradually reduced production and workforce strength. The company now employs 56 permanent staff, 120 contract workers and 460 outsourced and daily wage workers.