Monday, Sep 20, 2004
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Advts: Classifieds | Employment | Kerala
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Kochi
By Our Staff Reporter
KOCHI, SEPT. 19. The expected arrival of the Union Fertiliser Minister, Ram Vilas Paswan, in Kochi on Monday has buoyed the spirits of employees at Fertilisers and Chemicals Travancore (FACT), which is expecting a major announcement from the Minister regarding the rehabilitation of the fertiliser giant.
FACT visit
The Minister is scheduled to visit the FACT plants as well as interact with the company management and employees' unions at the company's corporate office at Udyogamandal on Monday afternoon. The visit of Mr. Paswan is seen as the logical culmination of the visit, in June, by the Union Minister of State for Fertilisers, Rehman Khan. Trade unions leaders at the fertiliser company see Mr. Paswan's visit as an indication that the company would be revived and that it would be maintained in the public sector.
Concessions
FACT immediately requires that the Central and State Governments announce concessions on the financial front to enable it to move forward. While the trade unions expects the Centre to provide the much-needed working capital requirements, the State Government is expected to make a categorical announcement of the concessions it was ready to extend to the company. Mr. Khan had promised during his visit that a joint committee comprising the Central, State and FACT officials would be constituted to discuss the problems the company was facing. However, the committee was yet to be formed, said one of the trade union leaders.
Loan write off
The Union Government is expected to write off the loss of more than Rs. 200 crores incurred by FACT during the last financial year. Writing off the company's losses during the last fiscal would be necessary to kept it out of the BIFR net. Meanwhile, the Chief Minister, Oommen Chandy, has promised the State Government's help to revive the fertiliser company. Mr. Chandy assured a delegation from FACT Employees' Congress that the Government was committed to the rehabilitation of the company.
Meets Chandy
A press release from the trade union said here that the trade union delegation met Mr. Chandy in Kochi on Saturday and the team was led by the union president, A.V. Antony. The Employees' Congress has suggested that the entire liability of Rs. 609 crore of the company should be written off. Necessary bank guarantees for a working capital of Rs. 200 crore, implementation of the Tariff Commission recommendation on phosphatic fertilisers in the original form and Plan Fund of Rs. 120 crore for modernisation of the plants are some of the other demands raised by the Employees' Congress with the Central Government.
Reduce rent
It has also requested the State Government to reduce land rent to the 2002 level, reduction in sales tax on petroleum products and abolition of entry tax claimed by BPCL/KRL on petroleum products.
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