India: Rashtriya Chemicals and Fertilizers says it has received approval from the Kochi bench of the National Company Law Tribunal (NCLT) for a debt resolution plan for FACT-RCF, a joint-venture that it runs with Fertilizers and Chemicals Travancore, according to the Business Standard newspaper. The plan reportedly includes debt restructuring, transfer of assets including a plant to an asset reconstruction company and the possibility of reopening the business through the inclusion of new investors.
FACT-RCF Building Products was set up to manufacture gypsum-based building materials as a by-product using raw material from Rashtriya Chemicals’ plant. However, the joint venture made a loss, defaulted on loans of around US$2.5m and the manufacturing unit was shut down in 2019.
