KOCHI : Kishor Rungta stepped down on Friday after completing his successful five-year tenure as the Chairman and Managing Director of Fertilisers and Chemicals Travancore Ltd (FACT). In a farewell function at the FACT Udyogamandal Club, employees expressed gratitude and bid him a heartfelt farewell.
Speakers at the event highlighted how despite grappling with challenges such as a shortage of working capital and substantial losses, Rungta’s leadership resulted in a remarkable turnaround, significantly improving the company’s financial standing and initiating strategic initiatives.
Assuming leadership in February 2019, Rungta steered FACT to stabilise its financial standing and achieve record heights post-2019. Under his leadership, FACT became the highest market capitalization company among fertiliser companies in India, surpassing Rs 56,000 crore.
The shift from losses to record profits signifies a strategic shift towards sustained success. FACT is currently undertaking an ambitious production capacity expansion, aiming to enhance its capabilities by an impressive 5 lakh metric tonnes.
A notable achievement during Rungta’s tenure was the revival of the FACT Caprolactam plant in 2021 after a nine-year shutdown. The past four years saw FACT achieving record sales with all plants operating at 100 per cent capacity.