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FACT signs MoU with IPL

KOCHI: Fertilisers and Chemicals Travancore (FACT) and Indian Potash Limited (IPL), a State trading enterprise, signed a memorandum of understanding (MoU) in New Delhi on Wednesday which enables FACT to source key raw materials like sulphur, phosphoric acid and rock phosphate from IPL on credit over the next three years.

The MoU was signed by IPL’s Managing Director P.S. Gehlaut and Chairman and Managing Director of FACT George Sleeba in the presence of J.S. Sarma, Fertilizer Secretary.

As per the pact, IPL will supply raw materials worth Rs.400 crore in a quarter on the basis of a letter of comfort from the Union Fertilizer Department.

This is among the six major steps approved by Union Fertilizer Ministry for bolstering the fertilizer unit which reeled under severe raw material last financial year.

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