The petrochemical park proposed to be set up in Kochi has once again taken a hit after Fertilizers and Chemicals Travancore Ltd (FACT) sought more time to hand over the land required for the project to the state government. This is fourth time when FACT has failed to provide the land to the state government. “The state government is ready to take over the land once the Centre gives permission to acquire it. The delay in giving green signal for land acquisition is affecting the project. Earlier, the Centre had given approval for the ‘purchase’ of the land by the state government. But in such a scenario, FACT will have to pay tax to the government for the transaction of the land deal,” said sources close to Kinfra. “Following this, FACT sought permission from the Centre to allow the state government “acquire” the land which would help FACT avoid tax liability. But the Centre is yet to give consent for the new proposal which is now literally delaying the project,” Kinfra sources said.
