FACT clarifies on news item regarding diversification plans

With reference to the news item appearing in leading financial daily titled "FACT charts diversification plans", Fertilizers & Chemicals Travancore Ltd (FACT) has clarified that the Company has formulated certain proposals for the long term sustenance of the organisation. These are aimed at establishing own facilities for production of intermediates, which are at present being outsourced, expansion of production capacities of end products and diversification into other areas.

The Company had given advertisement in newspapers and business publications inviting Expression of Interest (EOI) from reputed organisations for participation in the above projects either on a Build, Own, Operate and Transfer basis or as a Joint Venture. Response has been good and the offers are in the preliminary stages of evaluation.

The proposal to set up a Food Park, High Tech Park and a Defence Ancillary Park has in-principle been cleared by the Board of Directors of the Company in its meeting held on November 30, 2006. Details of the projects shall be worked out and put up to the Board and Government of India for final approval.

Source : Equity Bulls

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