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Tamil Nadu - Udhagamandalam Printer Friendly Page   Send this Article to a Friend

Yechury's help sought to revive HPF

By Our Staff Reporter

UDHAGAMANDALAM, OCT. 4. The Nilgiris district committee of the CPI (M), has appealed to the CPI (M) politburo member, Sitaram Yechury, to help prevent the closure of Hindustan Photo Films.

In a letter to Mr. Yechury, the Nilgiris secretary of the party, N. Vasu, pointed out that people here were concerned as the process of closure of the company was being speeded up by the Union Ministry of Heavy Industries and Public Enterprises.

Urging Mr. Yechury to take up the cause of the company with the Ministry, he claimed that with a proper plan it could be revived.

Listing the company's plus points, Mr. Vasu said that among other things it could boast of an excellent research and development facility which had the capability to develop the latest products. It had manufactured products like inkjet paper, digital imaging film and laser printing film.

Claiming that if a revival package was put in place, profits could be earned within the first year, he pointed out that while the total market potential for photographic films in India was Rs. 1,300 crores, the potential for the products of HPF alone was Rs. 500 crores.

Though the total accumulated losses of the company as per the books as on 31-3-2004 was Rs. 2,657 crores, the actual accumulated cash loss for the period 1993-2004 was only Rs. 240.73 crores.

Notwithstanding various difficulties, the HPF was constantly achieving a turnover of about Rs. 25 crores since 1994.

About Rs. 15 crores had also been generated through job orders.

Furnishing details about its assets and liabilities, Mr.Vasu claimed that most of the creditors had given their consent in writing to waive accrued interest if the principal amounts were settled.

As regards its revival, what was required from the government was a minimum policy support like preference in government purchases, regulation of imports and wage revision to a reasonable extent.

Meanwhile, at a meeting of the CITU held by its Nilgiris Committee, it was decided to organise an HPF Protection Conference here on November 14.

According to the secretary, CITU, L. Thiagarajan, it was also resolved to organise a series of demonstrations to draw the attention of the government to the plight of the company.

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