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Kishor Rungta, who was instrumental in elevating the public sector FACT to a pivotal position in the country’s fertiliser and chemicals sector, has stepped down as CMD after his five-year tenure.
Under his stewardship, FACT scripted a new chapter in corporate history by attaining the highest market capitalisation among fertiliser companies in India, surpassing ₹56,000 crore. The transformation from incurring losses to achieving record profits has been remarkable, propelling the company into the league of dividend-paying firms.
It is to be noted that FACT was grappling for funds when he took over the post as CMD in February 2019. However, his initiatives have made the company turn around from incurring losses into a profit-making entity. For the last four years, FACT has continuously made profits with a record profit of ₹612.99 crore on a turnover of ₹6,200 crore in FY23.
Expansion projects
In a brief chat with businessline, Rungta said the ₹700 crore expansion projects are in the advanced stage of commissioning, which includes a new fertiliser plant, tanks for the storage of sulphuric acid, phosphoric acid, ammonia, and a berthing facility at Cochin Port. “The future looks very bright for FACT with its production capacity touching 15 lakh tonnes from the present 10 lakh tonnes. This will generate good revenue in the coming years”, he said, adding that FACT has regained its past glory by achieving a 30 per cent growth every year in the last five years.
The realisation of the pay revision for employees has significantly boosted morale, thereby propelling the company to new heights and cultivating a positive and motivated work environment. “Employees are the real assets of every organisation and giving them full freedom will realise good results”, he said.
The revival of the Caprolactam plant in 2021, following a nine-year shutdown, has reinstated a vital component of the company’s operations. A key milestone was the launch of pan-India operations, marking a strategic expansion of marketing activities into both the eastern and western regions of the country.
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