The present status and performance of the 9 public sector undertakings and 2 multi-state cooperative societies under the administrative control of the Department of Fertilizers have been described in the succeeding paragraphs.

THE FERTILISERS AND CHEMICALS TRAVANCORE LIMITED [FACT]

6.1.1 India's first large scale fertilizer unit, FACT was set up in the private sector in 1943 at Udyogamandal, Cochin. In 1960, FACT became a public sector company. By the end of 1962, Government of India became its major shareholder.

6.1.2 From a modest start in 1943, FACT has grown rapidly and diversified into a multi-division enterprise. The Udyogamandal Division underwent four stages of expansion between 1943 and 1972. The mid-sixties saw the establishment of a consultancy division [FEDO] and a fabrication division named FACT Engineering Works [FEW]. The Cochin Division was set up in two phases at Ambalamedu. Phase 1 of Cochin Division for the manufacture of ammonia and urea was commissioned in 1973. Phase II, consisting of the sulphuric acid, phosphoric acid, and NPK plants, was commissioned in 1977.

6.1.3 With the commissioning of caprolactam plant in October,1990, the company entered the field of petrochemicals. During 1994-95, FACT exported 6670 MT of caprolactam valued at US$ 7.51 million. With improved sales in the indigenous market, the export of caprolactam during 1995-96 declined to 1978 MT.

6.1.4 FACT has a total annual installed capacity of 3.24 lakh tonnes of nitrogen, 1.44 lakh tonnes of phosphate and 0.5 lakh tonnes of caprolactam.

6.1.5 The paid-up capital of the company on 31.3.1996 was Rs. 354.77 crores against an authorised capital of Ps. 500 crore. In 1991-92, the Government of India disinvested a total of 52,32,400 equity shares of FACT. In the following year, another 5,00,000 equity shares of the company were disinvested bringing the level of disinvestment to 1.61% of the total paid-up capital.

6.1.6 The following products are at present manufactured by the company :

Fertilizer Division

i) Ammonia

ii) Sulphuric Acid

iii) Phosphoric Acid

iv) NP 20:20 [Factamfos]

v) Urea

vi) Di-ammonium Phosphate [DAP]

vii) Fertilizer Mixtures

Petrochemical Division

i) Caproloctam

ii) Nitric Acid [By-product]

iii) Soda Ash [By-product]

iv) Fertilizer Grade Ammonium Sulphate [By-product]

FINANCIAL RESULTS

6.1.7 During the year 1994-95, the company earned a pre-tax profit of Rs. 78.71 crore. The company has registered a profit of Rs. 76.76 crore [provisional] in 1995-96.

PRODUCTION PERFORMANCE

6.1.8 The production performance of the company during 1994-95 and 1995-96 is as under :

                                                                                        (Lakh Tonnes)

	1994-95	1995-96
N	2.83	3.13
P2O5	1.33	1.49
Caprolactam	0.43	0.47

 6.1.9 The performance of the individual units was as follows :

 UDYOGAMANDAL DIVISION

Nutrientwise, production of N and P 2 0 5 respectively during 1995-96 stood at 75600 tonnes and 31952 tonnes surpassing the previous year's figures of 69200 tonnes and 27719 tonnes.

6.1.1 0 The Division registered impressive performance in production of Ammonium Sulphate at 2,07,982 tonnes as against 1,97,284 tonnes the previous year. Similarly, the Division registered a new record at 1,59,761 tonnes in Factamfos production as against 138596 tonnes in 1994-95.

COCHIN DIVISION

6.1.11 The Division recorded a quantum jump by producing 2,66,910 tonnes of Urea and 5,65,658 tonnes of Factamfos as against 2,44,100 tonnes and 5,01,150 tonnes of Urea and Factamfos respectively during the year 1994-95. In terms of nutrients, the Division produced 2,37,616 tonnes of N and 1, 17,492 tonnes of P 2 0 5 in 1995-96 as compared to 2,14,357 and 1,04,936 tonnes, respectively during 1994-95.

PETROCHEMICAL DIVISION

6.1.12 47,098 tonnes of Caprolactam, 6,681 tonnes of Soda Ash and 2,067 tonnes of Nitric acid were produced during 1995-96 as against the production of 43,440, 6,140 and 1,911 tonnes of caprolactam, Soda Ash and Nitric Acid during 1994-95.

MARKETING DIVISION

6.1.13 A total quantity of 13.26 lakh tonnes of fertilisers was sold in 1995-96 as against 11.92 lakh tonnes in 1994-95. The sales realization was Rs. 853 crore compared to Rs. 734 crore in the previous year.

6.1.14 A total quantity of 18.2 tonnes of Bio-fertilisers were sold during the year in Tamil Nadu and Karnataka with a total turnover of Rs. 1.88 lakhs. A quantity of 74,575 litres of Pesticides valued at Rs. 2.59 crore were sold in Andhra Pradesh and Tamil Nadu.

FACT ENGINEERING & DESIGN ORGANISATION [FEDO]

6.1.15 FEDO recorded a creditable performance during the year securing important jobs such as the Phosphoric Acid plant of lndo-Gulf Fertilisers and Chemicals,Pipav (Gujarat). Revamp of Fire Fighting System of Oil and Natural Gas Commission Mumbai, Activated Carbon Project

of lndo-German Carbons, Kochi, Gas Terminal at Bharuch and Detailed engineering services of gas distribution pipelines of Gas Authority of India Limited [GAIL], energy audit of Thal unit of Rashtriya Chemicals & Fertilisers, feasibility study of Phosphoric Acid and DAP complex of Gujarat Narmada Valley Fertiliser Corporation at Bharuch, etc.

FACT ENGINEERING WORKS [FEW]

6.1.16 The engineering fabrication division achieved a turnover of Rs. 12.65 crore during 1995-96 as against Rs. 6.74 crores during 1994-95.

AMMONIA PROJECT

6.1.17 The 900 TPD Ammonia Replacement Project of the company is expected to be on stream by June, 1997.

EXPANSION PROGRAMMES

6.1.18 One stream of the complex fertilizer plant in Cochin Division is being retrofitted with a pipe reactor at an estimated cost of Rs. 16 crore. This is expected to increase the production of the plant by about 10%. The project is expected to be completed during 1997.

6.1.19 A new 900 tonnes per day Sulphuric Acid plant at a cost of Rs. 88 crore is being planned in Cochin Division. The extra Sulphuric Acid capacity will lead to better capacity utilisation of the Phosphoric Acid and Complex fertilizer plants in Cochin Division.

RECOGNITION AND AWARDS

6.1.20 During the period under review, FACT won prestigious awards for excellence in important areas such as energy conservation, pollution control and safety.

NATIONAL FERTILIZERS LIMITED [NFL]

6.2.1 NFL was incorporated on 23.8.1974 for setting up nitrogenous fertilizer plants at Bhatinda [Punjab] and Panipat [Haryana]. On re-organisation of the Fertilizer Corporation of India [FCI], the Nangal Unit [including Nangal Expansion Project] of FCI was assigned to NFL with effect from 1.4.1978. In June 1984, NFL took up implementation of a gas based ammonia-urea fertilizer project on the HBJ pipeline at Vijaipur in Guna Distt. of Madhya Pradesh and commissioned it in December,1987.

6.2.2 The total installed capacity of NFL, which is the largest producer of nitrogenous fertilizers in the country, is 10,35,880 MT of nitrogen (20.79 lakh tonne of Urea and 3.20 lakh tonne of CAN). NFL also produces industrial products like nitric acid, ammonium nitrate, sodium nitrate/ sodium nitrite, sulphur, methanol. liquid nitrogen, liquid oxygen, etc.

6.2.3 The authorised capital of the company as on 31.3.1996 was Rs. 500 crore and the paid-up capital was Rs.490.58 crore. 2.35% of the paid up capital amounting to Rs. 11.54 crore has been disinvested in favour of financial institutions and others.

PRODUCTION PERFORMANCE

6.2.4 During the year 1995-96, NFL recorded the best ever production and capacity utilisation in respect of urea. The company achieved a record production of 11.02 lakh tonnes of nitrogen (22.94 lakh tonne of urea and 1.86 lakh tonne of CAN) as compared to 10.55 lakh tonnes 'N' or (21.80 lakh tonne of urea and 2.07 lakh mt of CAN) during 1994-95. The company also produced 37,222 MT of industrial 'N', 18,533 tonnes of methanol and 1 3,01 2 tonnes of sulphur. Methanol plant achieved a capacity utilization of 112.3%.

6.2.5 The Panipat Plant achieved a record production of 5.33 lakh tonnes of urea equivalent to 2.45 lakh tonnes of 'N' during 1995-96. The production in 1994-95 was 4.55 lakh tonnes of urea. The plant achieved a capacity utilization of 104.3% in 1995-96.

6.2.6 The Vijaipur plant produced 8.58 lakh tonnes of urea equivalent to 3.95 lakh tonnes of Nitrogen, achieving a capacity utilisation of 118.1%. In 1994-95, the unit had achieved a capacity utilisation of 112.9%.

6.2.7 The Bhatinda Unit produced 5.31 lakh tonnes of urea equivalent to 2.44 lakh tonnes of Nitrogen, achieving a capacity utilisation of 104%. In preceding year, the capacity utilization of the unit was 103.8%.

6.2.8 The Nangal Unit produced 2.18 lakh tonnes of nitrogen comprising 3.72 lakh tonnes of urea and 1.87 lakh tonnes of CAN. The Unit also sold 32,086 tonnes of 'N' as industrial products. The capacity utilization of the unit in 1995-96 was 94.0%.

SALES PERFORMANCE

6.2.9 The company sold 21.4 lakh tonnes of urea in the two crop seasons of 1995-96 against the ECA allocation of 22.02 lakh tonnes.

FINANCIAL PERFORMANCE

6.2.10 The provisional profit estimated by the company for the year 1995-96 is Rs. 224.55 crore before tax which is the best for any year so far. The net profit after providing for tax works out to Rs. 124.55 crore. The company also recorded the best-ever sales turnover of Rs. 1,524.36 crore during the year compared to Rs.1,472.37 crore in the preceding year. Internal resources generated by the company during 1 995-96 amounted to Rs. 194.91 crore. The company paid a dividend of Rs.49.06 crore at 10% of the paid up equity capital during 1994-95.

VIJAIPUR EXPANSION PROJECT

6.2.11 The proposal of the company for raising the capacity of the Vijaipur plant from 3.34 lakh tonnes of nitrogen to 6.68 lakh tonnes per annum at an estimated cost of Rs. 987.3 crore was Approved by the Government in September 1993. The project is scheduled to be completed by end December 1996. The project implementation is as per schedule and the overall progress of the project upto 31.3.1996 is 81.9%.

AWARDS OTHERS

6.2.12 For the fourth consecutive time, the company scored an excellent rating under the MOU Scheme for the year 1994-95.

6.2.13 In August,1995, The Economic Times-Harvard Business School Association of India conferred the Corporate Performance Award on NFL for the year 1993-94, N.F.L. was the only company selected among 213 PSUs in the country for its excellent financial performance and consistent contribution towards the socio-economic development of the country.

6.2.14 In October,1995 the Second Best 'National Productivity Award' was given to NFL Panipat by the President of India for the Unit's performance during 1993-94.

6.2.15 The National Energy Conservation award 1995 was given to Vijaipur Unit by the Ministry of Power.

6.2.16 Three employees of the Bhatinda Unit received 'Vishwakarma Rashtriya Puraskar' award while 6 employees of the same Unit received "Krit Vir" awards during the year.

6.2.17 During the year, the company signed an agreement with M/s Toyo Engineering Corporation [TECI Japan for providing expertise for commissioning of the three fuel oil based Ammonia plants being executed by TEC in China.

PYRITES, PHOSPHATES & CHEMICALS LIMITED [PPCL]

6.3.1 PPCL was set up in March 1960 to exploit the pyrites deposits in the country. The Company is at present engaged in the mining of pyrites deposits as well as production of Single Superphosphate [SSP] at Amjhore in Bihar, exploratory-cum-production mining of Pyrites deposits at Saladipura in Rajasthan, and mining of rock phosphate from the Mussoorie Phosphorite deposits in Uttar Pradesh. Pyrites is used as a source of sulphur in the manufacture of sulphuric acid and is also supplied in powdered form for reclamation of alkaline soils. The Company is also engaged in trading of imported fertilizers like DAP, Urea, NPK and MOP.

6.3.2 The authorised capital of the Company as on 31.3.1996 was RS. 90.00 crore and the paid up capital was 89.65 crore.

PHOSPHATIC FERTILIZER PLANT, AMJHORE, BIHAR (SINGLE SUPERPHOSPHATE]

6.3.3 The Amjhore Phosphatic Fertilizer Plant consists of a pyrites based sulphuric acid plant and a single superphosphate plant. The SSP Plant was commissioned in November 1988 with bought out acid, while the pyrites based sulphuric acid plant was commissioned in November 1989 and commercial production commenced on 1.1.1990. The installed capacity of the SSP Plant is 2.64 lakh tonnes per annum [0.42 lakh tonnes of P₂O_5] .

6.3.4 During the year 1995-96, the Amjhore Unit produced 0.293 lakh tonnes of phosphate nutrient at 69% capacity utilisation.

6.3.5 The low capacity utilisation was attributable to inadequate supply of rock phosphate due to constraints in rail movement from Vizag.

MUSSOORIE PHOSPHORITE PROJECT, DEHRADUN

6.3.6 Over the years, PPCL has successfully established the use of 'Mussoorie Phos' as an effective and economical phosphatic fertilizer across the country.

6.3.7 During 1995-96, the Company produced 1.20 lakh tonnes of Mussoorie Phos.

TRADING ACTIVITIES

6.3.8 During 1995-96, the Company handled 9.21 lakh tonnes of imported fertilizers as against 4.54 lakh tonnes handled during 1994-95. As a co-canalising agency for the import of Urea on behalf of the Government of India, the Company imported 3.84 lakh tonnes of Urea during 1995-96.

FINANCIAL PERFORMANCE

6.3.9 During 1995-96, the Company has made a profit of Rs. 0.31 crore [provisional] as against a net loss of Rs. 5.88 crore incurred during 1994-95.

PYRITES BASED PHOSPHATIC FERTILIZER PROJECT AT SALADIPURA [RAJASTHAN]

6.3.10 Saladipura in Rajasthan has deposits of about 120 million tonnes of medium grade pyrites, equivalent to 25 million tonnes of Sulphur. For exploiting these deposits for the production of sulphuric acid to be utilised mainly for producing single superphosphate, PPCL had submitted a proposal for setting up an integrated project at Saladipura consisting of a 600 TPD SSP Plant and a 240 TPD Pyrites based Sulphuric Acid Plant. However, after decontrol of Phosphatic fertilizers, the project became unviable. The Company has now taken up a project for 300 TPD SSP Plant at Saladipura based on bought out acid at a cost of about Rs. 9.00 crore. The Plant is expected to be commissioned in November, l996 within one year of the zero date.

PARADEEP PHOSPHATES LIMITED [PPL]

6.4.1 PPL was incorporated on 24.12.1981 as a 100% Government of India Enterprise with an authorised capital of Rs. 120 crores. A participation agreement between the Government of India and the Government of Nauru was signed on 26.5.1982 whereby the latter acquired 40% of the equity. In November,1985, the participation of the Government of Nouru in the share capital was raised to 49%. PPL has, however, again become a 100% Govt. of India enterprise with effect from 10.6.1993 as the 49% equity shares held by the Govt. of Nauru have been acquired by the Govt. of India.

6.4.2 PPL is operating a phosphatic fertilizer plant at Paradeep in Orissa which was set up at a cost of Rs. 630.82 crores. The project, which was implemented in two phases, has the following installed capacities :

                                    Installed Capacity

                            [Lakh tonnes per annum]

i) Di-Ammonium Phosphate [[DAP]         7.20

ii) Phosphoric Acid                            2.25

iii) Sulphuric Acid                            6.60

6.4.3 The construction of Phase-I of the Parade Fertilizer Project, comprising the DAP plant, Bagging Plant and off-site facilities was started in February, 1983. Commercial production of DAP started on 1.8.1986. The construction of Phase II, comprising the Sulphuric Acid Plant, Phosphoric Acid Plant, Captive Power Plant, and Material Handling System and Utilities, started in January,1985 and was mechanically completed by May,1990. Trial runs of Sulphuric Acid Plant and Phosphoric Acid Plant were completed in May,1992. The Sulphuric Acid Plant, however, developed equipment problems and failed to operate satisfactorily. Repair jobs were undertaken in the Plant in 1993-94 which resumed production in 1994-95.

PRODUCTION PERFORMANCE

6.4.4 During the year 1995-96, the company has produced 5.73 lakh MT of DAP and 0.68 lakh MT of NPK [10:26:26]. This works out to a plant capacity utilisation of 85%. During 1994-95, the company had produced 7.03 lakh MT of DAP and 2,255 MT of NPK [12:32:16] with a 97.8% capacity utilisation.

6.4.5 During the year 1995-96, the production of Sulphuric Acid was 1,79,687 MT with a capacity utilisation of 27.23%. The capacity utilisation attained in 1994-95 was 39%. The replacement of the Waste Heat Boiler is planned during 1996-97 after which the capacity utilisation is expected to improve significantly.

6.4.6 The production of Phosphoric Acid, which has been resumed with the availability of Sulphuric Acid, was 78,020 MT of P ₂O₅ during the year 1994-95 and 52,292 MT during 1995-96.

SALES PERFORMANCE

6.4.7 During 1995-96, the company sold 5.42 lakh MT of indigenous DAP, 0.30 lakh MT of NPK, 1.31 lakh MT of imported Urea and 0.41 lakh MT of imported MOP. The total sale volume of 7.44 lakh MT of fertilisers represented a sharp drop from the sales of 16.13 lakh MT of fertilisers during 1994-95. The reduction was largely on account of the decline in the volume of handling and sale of imported fertilisers.

6.4.8 During 1995-96, the company has made a net profit of Rs. 2.22 crore as against a net profit of Rs. 27.68 crore during 1994-95.

TURN AROUND PROGRAMME

6.4.9 Government of India had approved the restructuring of the capital base of the company based on turn around proposals submitted by the company. The capital restructuring has been made effective from 31st March, 1994.

6.4.10 The company has taken all possible steps to effect maximum economy in the operation. As against the net profit of Ps. 31.88 crore envisaged in the turn around proposal for the year 1994-95, the profit for the year was Rs. 27.68 crore. During the year 1995-96, the net profit has however, registered a marked decline mainly due to adverse exchange rate variations. The steep rise in the rupee prices of imported inputs and heavy inventory costs of finished product have eroded the profitability of the company.

INDIAN FARMERS FERTILISER COOPERATIVE LIMITED [IFFCO]

6.5.1 A multi-state co-operative society engaged in production and distribution of chemical fertilisers, IFFCO was registered on 3.11.1967. The Society commissioned its first two plants at Kalol and Kandla in Gujarat in 1975.

6.5.2 IFFCO expanded its production facilities in 1981 by commissioning two additional streams of phosphatic fertilisers at Kandla and a new urea plant at Phulpur. A gas-based plant was commissioned in 1988-89 at Aonla in Uttar Pradesh. At present, IFFCO's installed capacity of nitrogen is 8.63 lakh tonnes and that of phosphates 3.09 lakh tonnes.

6.5.3 The authorised share capital of the Society as on 31.3.1996 stood at Rs. 1,000 crore and the paid up capital at Rs. 358.11 crore.

PRODUCTION PERFORMANCE

6.5.4  During 1995-96, IFFCO has produced 10.1 2 lakh tonnes of nutrient 'N' against a target of 9.35 lakh tonnes with 117% capacity utilisation. The Kandla plant produced 3.61 lakh tonnes of nutrient P2O5 with 117% capacity utilisation. The Society had produced 10.07 lakh tonnes of nitrogen and 3.77 lakh tonnes of P2O5 during 1994-95 with capacity utilisation of 117% and 122%, respectively.

6.5.5.  The unitwise details of installed capacity and production during 1994-95 & 1995-96 are as under :

                                                                                                                        [000' tonnes]

 MARKETING

6.5.6 IFFCO sells its fertilisers exclusively through a network of about 33,000 cooperative societies spread over 17 states and 3 Union Territories. During the year 1994-95, IFFCO sold a record 32.16 lakh tonnes of fertilizers achieving a sales turnover of Rs. 1459 crore, excluding subsidy. The Society has sold about 29.50 lakh tonnes of fertilizers during 1995-96.

6.5.7 IFFCO has been in the forefront in providing extension services to the farmers. 175 Farmers Service Centres [FSCs] provide all necessary inputs and know-how to the farmers under one roof. During 1994-95, 175 FSCs in 11 States were supplied agri-inputs worth Rs. 88 crore. IFFCO has also been attempting to bring about the overall socioeconomic development of villages through its village adoption programme. Some of the extension services of IFFCO include tribal and dry land area programmes, farmers integration programme, farm forestry, establishing farmers community centres in remote and backward areas and organising soil analysis tests. The Society has reoriented its agricultural services to lay more emphasis on balanced use of fertilizers for sustainable agriculture. In addition, four Special Projects have been initiated to benefit farmers in the areas of drip irrigation, bio-pesticides, biofertilizers and use of plastics in agriculture.

FINANCIAL PERFORMANCE

6.5.8 During 1994-95, IFFCO earned the highest ever profit of Rs.353.91 crore before tax and Rs.211.61 crore after tax. The net worth of the Society as on 31.3.1995 was Rs. 1219 crores. During 1995-96, the pre-tax profit is estimated at Rs. 240.27 crores.

OUTSIDE INVESTMENT

6.5.9 IFFCO has invested Rs. 97 crore in the equity of Krishak Bharati Cooperative Limited [KRIBHCO], Rs. 7.97 crore in Godavari Fertilizers and Chemicals Limited [GFCL] and Rs. 7.80 crore in ICS, Senegal. The Society has also invested Rs. 52 lakh in Indian Potash Limited, Rs. 10 lakh in Maharashtra State Cooperative Bank Ltd. and Rs. 1 lakh each in Indian Tourism Cooperative Ltd. and National Films and Fine Arts Cooperative Ltd.

EXPANSION AND DIVERSIFICATION PLANS OF IFFCO

6.5.10 The doubling of the capacity of IFFCO's Aonla unit at an estimated cost of Rs. 960 crores is in progress and the production is likely to commence from January 1997. The expansion projects at Kalol and Phulpur are also making satisfactory progress. The Society is planning to augment the capacity of its Kandla unit. A grassroots plant at Nellore in A.P. is also planned to meet the growing demand of urea. The feasibility of setting up nitrogenous plants in Iran and Qatar is also being examined.

KRISHAK BHARATI COOPERATIVE LIMITED (KRIBHCO)

6.6.1 KRIBHCO was incorporated as a multi-state Cooperative Society on 17.4.1980 to implement the ammonia-urea fertilizer project at Hazira [Gujarat] based on natural gas from Bombay High/South Bassein. As on 31.3.1 996 the authorised capital of the Society was Rs. 500 crore and the paid-up share capital Rs. 458.05 crore.

6.6.2 The Hazira complex has two streams of 1350 MTPD ammonia and 4 streams of 1100 MTPD urea. The annual installed capacity of urea plants is 14.52 lakh MT of urea product [6.68 lakh MT in terms of nitrogen]. The steam generation facility consists of 3 boilers and a 30 MW capacity captive power plant.

PRODUCTION

6.6.3 During 1995-96, the Society produced 7.92 lakh MT of nitrogen at 118.6% capacity utilisation, as compared to 6.74 lakh MT during 1994-95.

6.6.4 Highest on-stream days of 352.26 days and 342.57 days for Ammonia and Urea Plants were achieved during 1995-96 against the earlier record of 347 days for Ammonia in 1992-93 and 341 days for Urea in 1990-91.

MARKETING

6.6.5 During the year 1995-96, KRIBHCO sold 15.91 lakh MT [provisional] of its production of Urea in its marketing territories. The Society achieved 97.9% of the ECA allocation in all the States during 1995-96. About 0.60 lakh MT of NFCL Urea and 0.04 lakh MT of DAP were also sold during the year. The Society had sold 14.95 lakh MT of own urea, 0.50 lakh MT of NFCL Urea and 0.65 lakh MT of surplus ammonia during 1994-95.

6.6.6,The Society diversified in the area of seed multiplication in the year 1990-91 to ensure timely supply of good quality seeds. Initially limited to Uttar Pradesh and Haryana, this activity has gradually been extended to Raiasthan, Guiarat, Andhra Pradesh and Karnataka. The Society, which has also established seed processing plants at Aligarh [U.P.] and Hissar [Haryana], is producing both certified as well as foundation seeds.

6.6.7 During the year 1995-96, the Society was operating 60 Krishak Bharati Sewa Kendras [KBSKS] in the States of U.P., Punjab and Haryana for meeting the objective of providing major agri-inputs, including technical knowhow and implement's under a single window concept. In addition to urea, DAP, Zinc Sulphate, seeds and agrochemical were sold through these Kendras with a total turnover of more than Rs. 16 crore during the year.

6.6.8 The Society has successfully been implementing a Rainfed Farming Project in collaboration with the Overseas Development Administration [ODA], U.K. in the western part of the country. The project which covers 3 tribal dominated districts of Panchmahal [Gujarat], Jhabua [M.P.] and Banswara [Rajasthan], engaged in participatory community development through crop development activities, soil and water conservation measures, joint forest management and agro forestry, water resources development, livestock development, saving and credit schemes & training. It has organised 111 self help groups; 405 Jankars [para professional] have conducted Participatory Rural Appraisal & 1809 village meetings till 1995-96. Identification of suitable cultivators of various crops an their adoption in project villages seed multiplication and distribution, nursery raising etc. are the other major activities being carried out under the project.

6.6.9 In view of the success the Rainfed Farming Project in the western region, ODA has entrusted a similar project to the Society the eastern region. The project being implemented w.e.f. 1.4.1995 in 108 villages lying eight districts of Bihar, West Bengal and Orissa. The duration of this project is 5 years.

FINANCIAL RESULTS

6.6.10 During the year 1994-95, the Society earned a profit before tax of Rs. 292.89 crore and a post tax profit of Rs. 197.39 crore. During 1995-96, the profit before tax stood at Rs. 286.95 crore (provisional) with a net profit of Rs. 201.95 crore [provisional].

6.6.11 The Society declared a dividend @ 8% for the year 1994-95 on the paid up share capital of Rs. 458.05 crore.

EXPANSION AND DIVERSIFICATION PLANS

6.6.12 The Society has submitted a proposal for setting up a Nitrophosphate Project in Hazira at an estimated cost of Rs. 637.87 crore. 2nd stage clearance has been given by PIB on 30.1.96. Environment clearance for the project has been accorded by the Ministry of Environment & Forests.

6.6.13 The joint venture nitrogenous fertilizer project to be set-up in Oman alongwith Rashtriya Chemicals & Fertilizers Ltd. and Oman Oil Company has already been accorded first stage clearance. The priced bids submitted by the bidders for the Engineering, Procurement and Construction [EPC] contract were opened at Muscat on 7.2.1996. The evaluation of EPC bids, and finalisation of project agreements are in progress. The final Detailed Feasibility Report [DFRI is being prepared after updating the interim DFR based on the priced bids received from the bidders and is expected to be completed by mid May,1996.

6.6.14 The feasibility of a joint venture in Iran alongwith IFFCO is also being examined.

6.6.15 A proposal for First stage PIB clearance has been sent to Government of India for a naphtha based "Third Stream of Ammonia/Urea Plants" at KRIBHCO's Hazira complex. The capital cost of the protect with a capacity of 1350 MTPD Ammonia and 2200 MTPD Urea with minimum associated off-sites and utilities, is estimated at Rs. 979 crore. The Society has commissioned market feasibility studies for Medium Density Fibre Board and Maize Processing Complexes to explore the possibility of diversification into other sectors than fertilizer

6.6.16 In order to supplement the availability of plant nutrients in line with the national priorities, the Society has set up a 100 MT/annum Bio-fertilizer unit at Hazira. The Plant has commenced production on 15.8.1 995.

RASHTRIYA CHEMICALS & FERTILIZERS LIMITED [RCF]

6.7.1 RCF was incorporated as a separate company on 6.3.1978 as a result of reorganisation of erstwhile Fertilizer Corporation of India Limited. At the time of its incorporation, RCF had only one operating unit at Trombay [near Mumbai] and two major projects under implementation, namely, Trombay-IV and Trombay-V Expansion. The gas-based Thal-Vaishet fertilizer complex about 120 Kms from Trombay, was also later implemented by RCF and 'it started commercial production on 1.6.1985. As on 31.3.1996, the company had an authorised share capital of Rs. 800 crore and a paid-up capital of Rs. 551.69 crore. 7.48% of the paid up capital has been disinvested.

PRODUCTION PERFORMANCE

6.7.2 The annual installed capacity of all the units of RCF is 10 lakh tonnes of nitrogen and 1.20 lakh tonnes of phosphate. The production of the company during 1995-96 was 8.98 lakh tonnes of nitrogen and 0.96 lakh tonnes of phosphate. During 1994-95, the company had produced 8.84 lakh tonnes of Nitrogen and 0.89 lakh tonnes of phosphate. The company also produces a number of industrial products, such as methanol, concentrated nitric acid, methylamine, ammonium bicarbonate, sodium nitrate, sodium nitrite, dimethyl formamide, argon, etc.

SALES PERFORMANCE

6.7.3 The sale of fertilizer during the year 1995-96 [provisional] was of the order of 8.51 lakh tonnes of nitrogen and 0.98 lakh tonnes of phosphate as against 8.77 lakh tonnes of nitrogen and 1.2 lakh tonnes of phosphate during 1994-95.

OPERATING RESULTS

6.7.4 During the year 1995-96 the company made a net profit of Rs. 96.37 crore [provisional] as against a net profit of Rs. 167.19 crores during 1994-95. The profit of 1994-95 included a Rs. 150 crore compensation granted by the Government for exchange rate variation loss on a Kuwaiti Dinar loan.

6.7.5 The company paid a dividend of Rs. 27.58 crore for the year 1994-95 at the rate of 5% on its paid up capital.

MODERNISATION/EXPANSION SCHEMES

6.7.6 The company has taken up retrofitting of the existing two ammonia plants at Thal with a view to enhancing their capacity from 1350 MTPD to 1600 MTPD per stream in two phases, at an estimated cost of about Rs. 160 crore. The company is currently evaluating the technical and price bids for the supply of major items.

6.7.7 Alongwith KRIBHCO, RCF has been chosen to set up a Joint Venture Ammonia and Urea Complex in the Sultanate of Oman in partnership with Oman Oil Company. The estimated project cost is about US $ 1127 million and would have an installed capacity of 1.5 million tonne of urea per annum. Various project agreements, such as Joint Venture Agreement, Urea Buy-back Agreement, Loan Agreements and Gas Supply Agreement are under elaboration at present.

6.7.8 RCF and M/s United Gulf Group of Saudi Arabia have co-sponsored a joint venture to set up a 'Machining and Equipment Accessories Manufacturing and Industrial Service Centre' to 'cater to the Petro chemical and Fertilizer Industries in and around AI-Jubail, Saudi Arabia. The estimated project cost is Rs. 8.63 crore.

6.7.9 The company is also envisaging to set up a Chemical Complex to produce Acetic Acid and Methanol in Saudi Arabia. The joint venture partners will be M/s Saudi Formaldehyde Chemical Co. Ltd, Industrial Development and Promotion Co. Ltd. of Saudi Arabia and M/s Haldor Topsoe A.S. Denmark. The estimated project cost is approximately US $ 171 million [Rs. 550 crore].

6.7.10 As in the past, the company continued to export Ammonium Bicarbonate, Sodium Nitrate/Nitrite Methanol, N-15 Tagged Fertilizers. MMA 40% was exported for the first time to Taiwan and Australia. The company also exported 300 MT of complex fertilizers to Bahrain,Abu Dhabi and Taiwan. The export earnings of the company during 1995-96 totalled US $ 475,000 [Rs. 1.61 crore].

MADRAS FERTILIZERS LIMITED [MFL]

6.8.1MFL was incorporated December 1966, initially as a joint venture between the Government of India and AMOCO India Incorporation of USA [AMOCO], with equity share capital contributions of 51% and 49%, respectively.

6.8.2 In accordance with the participation agreement between the Government, AMOCO and the National Iranian Oil Company [NIOC], the NIOC acquired 50% of the shareholding of AMOCO MFL on 22.11.1972.

6.8.3 The remaining shareholding of AMOCO was purchased by the Government and NIOC in their respective proportions on 22.7.1985. The present shareholding of MFL is as under

Government of India  69.78%

NIOC 30.22%

6.8.4 As on 31.3.1996, the authorised share capital of the company was Rs. 175 crore and the paid-up capital Rs. 137.37 crore.

PRODUCTION PERFORMANCE

6.8.5 The annual installed capacity of MFL is 1.76 lakh tonnes of 'N' and 1.12 lakh tonnes of P ₂ 0₅, The production in 1995-96 was 1.58 lakh tonnes of 'N' and 1.23 lakh tonnes of P ₂ 0 ₅ with a capacity utilisation of 90% and 110%, respectively.

FINANCIAL RESULTS MANUFACTURING OPERATIONS

6.8.6 The company recorded a profit of Rs. 18.30 crore in manufacturing operations in 1 995-96 against a budgeted profit of Rs. 5.43 crore.

BIO-FERTILIZERS

6.8.7 The bio-fertilizer production for the year 1995-96 was 131 MT with a turnover of Rs. 25.08 lakh and a profit of Rs. 2 lakh.

TRADING ACTIVITIES

6.8.8  [a] Potash

During the year, the company sold 0.31 lakh tonnes of Potash, resulting in a profit of Rs. 0. 12 crore.

[b] Agrochemicals

Through its normal distribution channels, MFL sold Rs. 25.67 crore worth of agrochemicals during the year. The profit from this operations is Rs. 2.63 crore.

6.8.9 MFL's overall operations resulted in a profit of Rs. 21.07 crore during 1995-96 as compared to a profit of Rs. 7.53 crores during 1994-95.

ISO 9002

6.8.10 In November 1995, MFL won the distinction of being the first PSU in Fertilizer Industry to get ISO 9002 accredition for manufacture and distribution of Urea and NPK Complex fertilizers.

REVAMP OF MFL PLANTS

6.8.11 MFL's project involving substantial expansion of production capacities of Ammonia, Urea and NPK at an approved cost of Rs. 487.47 crore has been under implementation sinceJanuary 1993. The project aims at reducing energy consumption levels of Ammonia and Urea Plants by about 39% and increasing Ammonia, Urea and NPK installed capacities by 40%, 67% and 56% respectively. All the major sections of Ammonia and Urea Plants would be replaced with new state of art and energy efficient equipments.

6.8.12 The implementation of the project was kept on hold from August 1993 to August 1994 pending tying-up of funds as IDBI, the lead financial institution, decided to reappraise the project consequent to decontrol of Phosphatic and Potassic fertilizers in August 1992. IDBI completed its reappraisal of the project in November, 1994. By January 1995, project funding to the extent of Rs. 450 crores with a debt equity ratio of 2.71:1 could be tied up. Plan support for the balance requirement of Rs. 37.30 crores during 1 996-97 has been sought.

6.8.13 The Basic and Detailed Engineering for the project have been completed and nearly 96% of ordering is also finalised. Construction activities are now in full swing. As a result of slippages in the delivery of certain critical packages, and delay in construction due to time over-run in civil works the project is now expected to be completed by the end of December,1996 against the original schedule of completion by the end of June, 1996.

 HINDUSTAN FERTILIZER CORPORATION LIMITED [HFC]

6.9.1 HFC owns units at Namrup [Assam], Barauni [Bihar], Durgapur [West Bengal], besides the Haldia Project West Bengal]. The other establishments of the company are the Eastern Marketing Zone, the Fertilizer Promotion and Liaison Office, Calcutta and the Agronomy Wing at Sindri. HFC was incorporated on 14.3.1978 consequent upon the re-organisation of the erstwhile Fertilizer Corporation of India Ltd. [FCI]. As on 31.3.1996, the company had an authorised share capital of Rs. 750 crore and a paid up capital of Rs. 705.11 crore.

PRODUCTION PERFORMANCE

6.9.2 The total annual installed capacity of the 5 manufacturing units of HFC at Barauni, Durgapur & Namrup [I, II & III] is 6.53 lakh tonnes of nitrogen. The total production of the company during 1995-96 was 1.26 lakh tonnes of nitrogen at an average capacity utilisation of 1 9.2%.

6.9.3 The performance of Namrup-I, Namrup-lI, Barauni and Durgapur units has not been satisfactory, mainly due to ageing of the plants and equipment/design deficiencies. The production in Namrup II was suspended in June, 1993 due to shortage and unsteady supply of natural gas. The Durgapur unit faced shut down from 11.11.1994 to 10.3.1995 due to a Supreme Court order on account of non-installation of pollution control measures in accordance with the directive of the State Pollution Control Board, West Bengal. The plant was allowed to resume production in March 1995 consequent upon the implementation of certain pollution control measures by the company.

DERATING OF THE NAMEPLATE CAPACITY OF THE PLANTS

6.9.4 Having regard to the fact that the HFC plants have not been able to achieve their rated capacity, orders have been issued on 22.11.1995 for de-rating the capacities of Durgapur, Barauni and Namrup I & II units to 52.42%, 55.76% and 57.57%, respectively of the existing nameplate capacity. In the case of Namrup I, it has been decided that the Ammonia plant will be delinked from Namrup Ill and derated to 65% of the nameplate capacity. The revised retention prices based on the derated capacity of these plants will take effect from 1.11.1994.

REFERENCE TO BEFR

6.9.5 In terms of Section 3 [1] of the Sick Industrial Companies [Special Provisions] Act, 1985, the case of the company was referred to the Board for Industrial and Financial Reconstructions [BIFR] . In its first hearing held on 12.11.1992, BIFR declared HFC as a Sick Company. In March 1994, BIFR appointed the Industrial Credit and Investment Corporation of India Ltd. [ICICI] as the Operating Agency to prepare unit-wise rehabilitation package for HFC. ICICI submitted its report in January' 95. A Technical Committee had also been appointed by the DOF in June, 1994, to examine whether Durgapur, Barauni, Namrup I & II units of HFC could operate with some investment on renewal/ replacement of problematic equipment. In the hearing held on 19.1.1995, BIFR directed DOF to submit the firmed-up revival package for HFC by 31.3.1995. Taking into account the recommendations of a Technical Committee appointed by DOF in June 1 994 to examine the feasibility of sustaining the operation of the operational unit of HFC [with the exception of Namrup III ] with a modest investment on renewal/ replacement of problematic equipment and the conclusions of inter-agency consultations as well as the suggestions made by employees unions/ associations, a revival package to revamp Durgapur, Barauni and Namrup units of HFC was formulated by DOF. In principle approval to the revival package was given by the competent authority in the Govt. on 20.4.1995 with the stipulation that the possibility of mobilising fresh funds of the order of Rs. 464.93 crores required for revamp from Financial Institutions and/or Cooperative Undertakings in fertilizer sector should be explored. The funding arrangements are yet to be tied up.

HALDIA PROJECT

6.9.6 Though the Haldia Fertilizer Project was mechanically completed in November 1979, it could not be commissioned initially due to non-availability of power from the West Bengal State Electricity Board. Government, therefore, sanctioned a 20 MW gas turbine which was commissioned in January,1982. On the commencement of the commissioning activities of the plant a number of equipment problems, including defects in the oxygen compressor, were experienced. As these problems were very frequent, suspension of the commissioning activities had to be ordered. In October 1986, foreign consultants were engaged to undertake an end-to-end survey of the project. The consultants recommended a rehabilitation scheme involving an investment of Rs. 500 crores at 1988 price. Such a high order of investment was considered unviable. The assessment arrived at in the course of the preparation of the revival package for HFC for submission to the BIFR was that the revamp of the Haldia project would not be techno-economically feasible, since its revival would require the setting up of a new plant at an investment of Rs. 910 crores approximately. In view of this, it has been decided to consider the option of attracting private capital for its rehabilitation. A final decision on the revival of HFC, including its Haldia Project, would, however, depend upon the outcome of the proceeding pending before the Board for Industrial and Financial Reconstruction (BIFR).

FARMERS EDUCATION

6.9.7 The company continued to organise extension activities in its marketing areas to educate the farmers in the correct choice and selective use of fertilizers.

6.9.8 The ODA aided Rainfed Farming Project started during 1989, concluded on 31.3.1995. The project activities were carried out in the States of West Bengal, Bihar and Orissa covering 110 villages.

SALES PERFORMANCE

6.9.9 During the year 1995-96, the company sold 2.80 lakh tonnes of Urea from its own production and 1.32 lakh tonnes of imported Urea.

OPERATING RESULTS

6.9.10 During 1995-96, the company incurred a loss of Rs. 466.52 crores [provisional] including interest on GOI Loan of Rs. 318.65. The accumulated loss of the company as on 31.3.1 996 was Rs. 3,090.17 crore, including interest of Rs. 1,720.75 crore on GOI Loans.

PROJECTS & DEVELOPMENT INDIA LIMITED [PDIL]

6.10.1 PDIL, an erstwhile division of the Fertilizer Corp. of India Ltd., was formed into a separate Company in March,1978. The company has its registered office at Sindri [Bihar].

6.10.2 Against the authorised share capital of Rs. 40 Crores, the paid up capital of the company as on 31.3.1996 stood at Rs. 39.02 crores.

6.10.3 PDIL has three divisions namely, Engineering and Consultancy Division, Catalyst Division, and Research and Development Division.

OPERATING RESULTS

6.10.4 The company earned a gross profit of Rs. 6.95 crores. However, after depreciation and interest it recorded a net loss of Rs. 6.32 crore during 1994-95 as against a net loss of Rs. 12.93 crores during 1993-94. For the year 1995-96 PDIL has declared a net profit of Rs. 4.19 crores [provisional].

ENGINEERING AND CONSULTANCY DIVISION

6.10.5 The Engineering and Consultancy Division is engaged in the design engineering , procurement, inspection, storage management and supervision during construction and commissioning of fertilizer and chemical plants. The consultancy division also includes marketing research, project planing, NDT services, technical services, inspection wing etc. During 1995-96, PDIL took up detailed engineering, procurement, construction supervision and commissioning work of ammonia urea expansion projects at Kakinada [NFCL], Phulpur [IFFCO] and revamping of Kalol [IFFCO] plants. Consultancy services for Phulpur off-site expansion project [IFFCO] is also entrusted to PDIL.

6.10.6 EIL Asia Pacific [EILAP] has appointed PDIL to provide Project Management Consultancy [PMC] services in association with EIL for the Fertilizer Project of Petroleum National Barhad of Malaysia [Petronas]. This is the first time PDIL will be rendering PMC services abroad in a big way for an overseas assignment. EILAP/ PDIL combination has won this job against stiff international competition on the technical strength of PDIL.

The following major jobs are under execution :

i) Vijaipur Expansion project comprising ammonia [1350 MTPD], Urea [2 x 1100 MTPD] and off-site facilities for NFL.

ii) Aonla Expansion project comprising ammonia [1350 MTPD] and Urea [2 x 1100 MTPD] plants for IFFCO.

iii) DM Plant for Panipat refinery of IOCL

iv) Procurement services for Babrala Expansion Project of TCL.

v) Thal ammonia Retrofit-I & II projects.

vi) Urea Hydrolyzer and Effluent Treatment plant for NLC at Neyveli.

vii) Spray Saturators for production of ammonium sulphate from the coke oven gas at RSP Rourkela and DSP - Durgapur.

viii) Revamping of the Fertilizer Plant of RSP, Rourkela.

ix) Revamping of Methanol plant at NFL, Nangal.

x) New prilling tower with revamping of the urea plant for FACT, Cochin.

xi) Capacity augmentation of the existing methanol plant at Nangal for NFL.

xii) Urea hydrolyzer at FCI, Sindri.

DIVERSIFICATION EFFORTS

6.10.7 With a view to diversifying its activities, PDIL has been making sustained efforts to secure jobs in other sectors, specially in the gas and oil sector. The projects taken up for execution in this domain include LPG terminal for IOCL at Kandla and GSFC at Sikka, as well as Gas Gathering Stations, Gas Lift and Gas Grid compressor station, LPG Bottling Plants, expansion of water injection plant and Gas Lift Plant for ONGC, IOCL and others.

6.10.8 PDIL has bagged the Crude Taping Unit [CTU], Crude Distillation Unit [CDU-I] integration project from HPCL has retrofit and capacity augmentation project. This is a major break through in the oil refinery area. HPCL has engaged PDIL for procurement and installation of Co-boiler for its oil refinery. PDIL will provide design engineering services for buried LPG storage tanks being constructed by GAIL with back up from Pipe Line Engineering GmbH of Germany.

CATALYST DIVISION INCLUDING FABRICATION SHOP

6.10.9 After three decades of continuous efforts, through in house R & D, catalyst production unit of PDIL is now in a position to supply wide range of catalysts required for the production of ammonia. During 1995-96, PDII produced 923 MTs of catalysts showing an almost 58.6% increase over the previous year. The turnover of Catalyst Division was Rs. 16.14 crore [provisional] as compered to Rs. 12.18 crore in 1994-95.

RESEARCH & DEVELOPMENT DIVISION

6.10.10. The Research & Development Division undertakes research projects including sponsored and client oriented schemes in the field of fertilizer and allied technology. The Government of India gives a grant-in-aid of Rs. 4.0 crore per annum for the R&D activities of PDIL. The Division has developed and commercialised a Bio Hydrolyser Process for treatment of fertilizer plant effluents containing Ammonia and Urea. This process is more economical than the conventional Thermal Hydrolyse Process and also produces useful manure.

RESTRUCTURING AND REHABILITATION

6.10.11 PDIL was referred to the Board for Industrial & Financial Reconstruction [BIFR] in 1992 and was declared as a sick company on 17.12.1992 under the Sick Industrial Companies [Special Provisions] Act,1985. BIFR, has appointed ICICI as the Operating Agency. The initial report prepared by ICICI was considered by BIFR in a hearing held on 24.4.95 when it directed ICICI to get an independent assessment made of the division wise manpower requirement of the company. This work was entrusted to National Productivity Council [NPC]. Taking into account the revised report of the Operating Agency, a revival package has been formulated for PDIL which proposes to rehabilitate all the three Divisions of the Company. The package has been submitted for the approval of the competent authority. In the meantime, in the hearing held on 10.4.1996, BIFR has directed the Operating Agency to recast its report in the light of specific guidelines in consultation with the Central & State Governments and employees unions/associations. The recast report is to be submitted to the BIFR by 24.5.1996.

THE FERTILIZER CORPORATION OF INDIA LIMITED [FCI]

6.11.1 FCI which came into existence on 1.1.1961, was reorganised with effect from 1.4.1978 .It has four fertilizer manufacturing units at Sindri [Bihar], Gorakhpur [Uttar, Pradesh, Ramagundam [Andhra Pradesh] and Talcher [Orissa], with a total installed capacity of 5.87 lakh tonnes of nitrogen per annum. FCI also has a mining unit, known as the Jodhpur Mining Organisation, which is engaged in the mining and sale of gypsum. The authorised share capital of the company as on 31.3.1996 was Rs. 800 crore with a paid up capital Rs. 661.74 crore.

6.11.2 During 1995-96, the company produced 2.08 lakh tonnes of Nitrogen [at 35.4% capacity utilisation] as compared to 2.03 lakhs MT during 1994-95. Acute liquidity problems, prolonged power cut from state grids in Andhra Pradesh and Orissa, extended strike in the mines of Singarani Coal Fields Ltd. at Ramagundam and unforeseen equipment breakdowns at Sindri were the main constraints on production during 1995-96.

6.11.3 During 1995-96, the Sindri Unit produced 1.03 lakh tonnes of nitrogen [at 68.1% capacity utilisation] as compared to 1.37 lakh tonnes [90.4% capacity utilisation] during the last year.

6.11.4 The coal-based plant at Ramagundam produced 0.49 lakh tonnes of nitrogen [at 32.5% capacity utilisation] during 1995-96 as against 0.35 lakh tonnes during 1994-95 [23.2% capacity utilisation].

6.11.5 The other coal based plant at Talcher produced 0.55 lakh tonnes of nitrogen during 1995-96 [36.1% capacity utilisation] as against 0.31 lakh tonnes during 1994-95 [20.2% capacity utilisation].

6.11.6 The Gorakhpur Unit has remained closed since an accident in June, 1990.

SALES PERFORMANCE

6.11.7 During 1995-96 FCI sold 4.36 lakh tonnes of fertilizers as against 4.26 lakh tonnes during 1994-95.

FINANCIAL RESULTS

6.11.8 The company incurred a net loss of Rs. 426.62 crore [provisional] during 1995-96 as against Rs. 336.13 crore during 1994-95.

REFERENCE TO BIFR

6.11.9 On a reference made to the BIFR in April,1992 FCI was declared a sick company. BIFR has appointed ICICI as the Operating Agency [OA] to evaluate the techno-economic viability of the available alternatives and submit a unit-wise revival plan. Taking into account OA's report and suggestions made by employees' unions/associations, a revival package to revamp Sindri, Ramagundam and Talcher units of FCI was formulated by Department of Fertilizers. The package which envisaged capital restructuring and other financial relief to FCI, was approved in principle by the Government on 20.4.1995 with a stipulation that the fresh funds [Rs. 1736.20 crores] required for the revamp schemes be explored from Financial Institutions and/or Cooperative Undertakings in the fertilizer sector. The funding arrangements are expected to be tied up after the revival package has been reformulated from the stand point of the financial institutions by a group constituted by ICICI.