KOCHI: FACT has been given only '6 crore in this Budget which is much low compared to the amounts sanctioned in recent Union budgets. However, officials said that FACT is yet to get the amounts sanctioned in the previous budgets.
“These amounts have to be repaid with interest and the same is given to all PSUs. There is not much significance in the allocation,” said a FACT official.
The official said that the formalities for getting the Rs 1000- crore loan to FACT from the Union government is over except signing a Memorandum of Understanding (MoU) between the Department of Fertilisers and the FACT.
“The MoU signing is expected in two-three days. Since it had been included in the second supplementary demand of the last Union Budget and approved by Parliament and the President, it need not get mention in this year’s Budget. The mandatory NOC from the state government for pledging FACT’s land for getting the loan also has been given,” said the official.” said the official.
