Cabinet approves sale of FACT land to Kerala govt

Our Bureau New Delhi | Updated on July 24, 2019

The Union Cabinet has approved the sale of 481.79 acres of land held by Fertilizers and Chemicals Travancore Ltd (FACT) to the government of Kerala.

“150 acres of land at the rate of ₹1 crore per acre will be sold, in lieu of the Kerala government agreeing to give free-hold right over 143.22 acres of land to FACT and remaining 331.79 acres will be sold at ₹2.47 crore per acre assessed by the District Collector of Ernakulum,” stated the Cabinet decision.

FACT will utilise the sale proceeds to address working capital deficiency, improvement of balance sheet, enabling the company to improve its financial performance by implementing capacity expansion projects for sustainable growth of the company.

The Cabinet decision states that this approval will help FACT to reduce the bank borrowings and implement projects for enhancing fertiliser production capacity and upgrading logistics and raw material handling facilities.

NIMH merger with NIOH

The Union Cabinet also approved the merger of National Institute of Miners’ Health (NIMH), an autonomous Institute under Ministry of Mines (MoM), with Indian Council of Medical Research’s National Institute of Occupational Health (NIOH), Ahmedabad.

All the employees of NIMH will be absorbed in NIOH in similar posts and pay scales. This will prove beneficial to both the Institutes in terms of enhanced expertise in the field of occupational health besides the efficient management of public money.

Published on July 24, 2019

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