December 5, 2006
The media had reports on December 03, 2006 that Fertilizers And Chemicals Travancore Ltd. has drawn up several diversification plans in joint venture projects with private participation to set up a food park, high-tech park and defence park.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
Fertilizers And Chemicals Travancore Ltd has vide its letter inter-alia stated, "With reference to the above, please note that FACT 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. FACT 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 30.11.2006. Details of the projects shall be worked out and put up to the Board and Government of India for final approval. Once a concrete shape is given to these projects, we shall submit the details to the Exchange as per the provisions of the Listing Agreement."
Source: National Stock Exchange of India Limited
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