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Friday, August 20, 1999

Centre takes up Madras Fertilizers financial recast plan 

PRESS TRUST OF INDIA  
Chennai, Aug 19: Financial institutions have already approved the financial restructing package of the Madras Fertilizers Ltd (MFL) and the proposal is now under the consideration of Union government.

The profitability of operations had improved and during June-July, the company had posted a provisional profit of about Rs 10 crore, an official press release said on Thursday.

The MFL plants were currently operating with capacity utilisation in the range of 100 to 105 per cent. During July this year, the urea plant, which hitherto had been a bottleneck, achieved a remarkable capacity utilisation of 107.7 per cent.

In response to the voluntary retirement scheme (VRS) announced on July 30 this year, about 120 employees had so far opted for VRS. The scheme would be open up to September 5.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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