The board of directors of Madras Fertilizers Ltd., (MFL) has approved the setting up of a modern logistics park that would include a container freight station, godowns and warehouses.
A private operator has offered to make a one-time payment of Rs.117 crore as also a minimum revenue to the loss-making firm, in return for rights to set up and operate the park. Two years ago, MFL had appointed a consultant to conduct a feasibility study for the logistics park whose cost was estimated at Rs.290 crore.
“We are taking several steps to revive the company,” said A.B. Khare, MFL Chairman and Managing Director while addressing the 50th annual general meeting. “This year, we will start production of the NPK fertiliser,” he said. Assuring shareholders of a marginal profit for the current fiscal, he said: “We have moved from the negative to the positive zone. This year, we expect a profit of Rs.12 crore.”
