Financial Daily from THE HINDU group of publications
Thursday, Oct 20, 2005
Financial Daily from THE HINDU group of publications Thursday, Oct 20, 2005 |
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Corporate
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New Projects GAIL finds FACT land too pricey Our Bureau
Kochi , Oct. 19 GAIL (India) negotiating team's discussions with the officials of Fertilisers and Chemicals Travancore Ltd (FACT) for the purchase of 220 hectares of land from the latter for setting up the Rs 6,058-crore petrochemical complex here concluded without any decision. FACT sources told Business Line that the fertiliser company had offered the land at prevailing market price. However, "it is negotiable", they said. The negotiating team comprising officials from Engineers India Ltd (EIL) was here on Tuesday. "We have the land to spare to the extent needed but GAIL's demand in specific areas might affect our future expansion plans. Therefore, we have suggested some alternatives." The negotiating team has taken it for examination, they said. Meanwhile, GAIL India is understood to have gone looking for land elsewhere in the district citing that the price demanded by FACT was on the higher side. They said thatFACT did not have surplus land as the vast stretch of the area under its possession is retained for the protection of the environment. However, FACT has now been placed at an advantageous position following GAIL's decision to set up the petrochemical complex. With the sale proceeds the ailing public sector would be able to finance its modernisation plans besides liquidating its liabilities. By that time the proposed LNG terminal would also be in position. But, it would depend on the price of the land.
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