Employees of the public sector fertilizers and chemicals Travancore (facts) fear that from 2018-19, fertilizer manufacturers recorded profits in six years, as severe raw material shortages could be financially stumbling through the first four quarters of the year.
Employees are also worried that the company lacks a full-time chairman and managing director (CMD) at this critical moment. Rashtriya Chemicals and Fertilizers CMD SC Mudgerikar is holding additional fees for CMD. In fact, Kishor Rungta, who is full-time CMD, resigned at the end of more than a year ago.
The raw material shortage eased relatively in the fourth quarter, but the first quarter saw the situation in West Asia, affecting the free delivery of raw materials such as phosphates and phosphate.
George Thomas, secretary general of the Fact Workers Organization, said that during these difficult times, decision-making must be quick and effective as competition prevails, in fact there are multiple areas of operation, including fertilizers, petrochemicals and engineering and design. He added that full-time CMD can smooth out the decision-making process.
Employees are also seeking mini RATNA status for the company, they believe that considering their net worth is positive and other criteria granted to that status. They believe that getting the mini Ratna status in PSU will help facts to capitalize on its position in the market as well as making decisions independently.
Staff are calling on the government to consider its history of good performance over the past six years to achieve fact-granted status.
According to the Employee Union, if production of Caprolactam is restarted and the expansion facility produced by Factamfos is commissioned, the factual financial performance will be greatly improved. A union leader said that the work on the latter project has lagged behind and requires accelerated commissioning.
Employees have called on the state to withdraw taxes on liquefied natural gas as it will generate more revenue in the form of more jobs and taxes for the company.
publishing – March 14, 2025 01:53 AM IST
