FACT DECIDES ON REVIVAL PACKAGE
Article Abstract:
Fertiliser and Chemicals Travancore Ltd (FACT) will be implementing a revival package. This decision follows the prospect of posting a loss of Rs85 crore during April-September 1998. The revival package includes an investment of Rs50-60 crore on restructuring and modernising its plants. FACT will try to reduce costs and concentrate on controlling its budget. It will also take up restructuring, rationalisation, re-deployment and training of its employees. FACT proposes to retrench its employees by 30-40 percent. It also proposes to freeze wages for 3-4 years. It is to seek the permission of the Government of India to waive interest on project loan. It also plans to seek budgetary support from the Government. FACT produces fertilisers. (ag)
Comment:
Will be implementing revival package following prospect of posting a loss of Rs85 crore during 4/98-9/98 period
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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EID TO HOLD MORE CFL STAKE
Article Abstract:
A major part of the equity stake held by Dhanyalakshmi Investments Ltd (DIL) in Coromandel Fertilisers Ltd (CFL) will be transferred to EID Parry (India) Ltd (EPIL) of the Murugappa group. DIL is a subsidiary of EPIL. DIL holds 21 percent stake in CFL. This will be transferred to EPIL. This will increase EPIL's stake in CFL from 1,793,321 shares to 7,547,803 shares. The move is part of the restructuring plan worked out for the loss making DIL. (ag)
Comment:
Will transfer the majority of its 21% stake in Coromandel Fertilisers to its parent company EID Parry (India)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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