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Rashtriya Chemicals and Fertilizers incurred an interest cost of ₹150 crore for FY-14 due to delay in receipt of subsidy from the Union Government. As of March 31, 2014, the subsidy outstanding was about ₹2,100 crore. Responding to media queries after the AGM here, RG Rajan, Chairman and Managing Director, said the outstanding as on date was about ₹1,840 crore. Sources said there was always a six-month backlog in clearing of subsidy dues, which works out to about ₹1,800 crore. This delay stretched working capital requirements, besides hurting the bottom line due to the cost of borrowing.
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