FACT to revive on the land sale proceeds
The Union government’s resolution to pay of the debts of FACT has irked the State Government leading Pinarayi to write to Modi on this issue. The proceeds from the sale of land belonging to FACT are being utilized for the modernization and expansion of the company. A portion of the land not being used by FACT was being transferred to State entity Kinfra for launching petroleum Derivatives Park.
The Chief Minister’s request to the Prime Minister is that FACT’s debt be turned into equity or be written off, said a communication from the Chief Minister’s office.
A memorandum of understanding has been signed between FACT management and the State government for land acquisition.