The Hindu Business Line : Paswan hints at early decision on FACT revival

THE Union Minister for Fertilisers and Chemicals, Mr Ram Vilas Paswan, has said that the revival package of the public sector Fertilisers and Chemicals Travancore Ltd is likely to be considered by the Cabinet Committee on Economic Affairs (CCEA) soon.

Speaking at a press meet here on Friday, the Minister said the Board for Reconstruction of Public Sector Enterprises had recommended the revival package and this would be considered by the Committee of Secretaries later this month. It would be forwarded to the CCEA in the last week of this month or in the first week of February, he said.

The Minister also reiterated that the UPA Government would not allow the closure of any loss-making PSUs.

He also pointed out that the revival package of Hindustan Insecticides Ltd, which had proposed to write off loans worth Rs 66 crore, had also been placed before the Board.

Mr Pawan, who was here on a four-day visit to the State, had earlier visited the public sector Hindustan Organic Chemicals (HOCL) at Ambalamugal near here on Thursday. Speaking at an interactive session with the company employees, he said the Centre would not allow any privatisation of HOCL even if it were incurring losses.

He said the Centre would seriously consider the restructuring proposals made to revive the company which is expected to cost Rs 200 crore.

He also assured the workers that there would not be any compulsory retrenchment. Earlier, the revival package was presented before the Board.

Mr Paswan also went round the factory of HOCL along with its Chairman-cum-Managing Director, Mr A.S. Didolkar, and other senior officials. The company had been facing tough times in the market due to cheaper imports from countries such as Taiwan and Japan.

The Kochi unit of HOCL was commissioned in 1987 to manufacture phenol, acetone and hydrogen peroxide. The installed capacity is 40,000 tonnes per annum of phenol and 24,640 tonnes per annum of acetone.