KOCHI: The plan for revival of Travancore Rayons Limited (TRL), Perumbavoor, is taking another step forward with the stage having been set for talks on settlement of dues on December 17 with Indian Bank, one of the banks in the consortium of financing bodies of TRL. The talks will be held in Ernakulam. The TRL management and the new promoter, Coimbatore-based NDEE Group, will participate in the talks. The IDBI, the major partner of the consortium, had already arrived at an understanding with the TRL management and the promoter, according to a spokesman of the Rayons Protection Committee.

The committee, comprising employees, trade union leaders and political representatives, has been relentlessly pursuing the issue and is hopeful of arriving at an amicable solution soon. The committee members have already met Government officials, Chief Minister Oommen Chandy, Industries Minister V.K. Ebrahim Kunju, and the promoter, Dhamodaran, and offered its full support for the revival of the unit. The committee will meet the Chief Minister on December 17 at Perumbavoor to apprise him of the latest developments.

There is a bright prospect for settlement of the outstanding amount with Indian Bank, as the uncertainties have narrowed down in the wake of the green signal given by IDBI, which is the major player in the issue pertaining to the settlement of dues.

The IDBI move has made it easier for Indian Bank, as it can follow the pattern adopted by the former. This, in turn will help the promoter to proceed further to strike a final deal for the reopening of the plant, which has been on a lay-off since July 2001.

Meanwhile, a meeting of the protection committee was held at Perumbavoor on December 11 in which Minister for Cooperation M.V. Raghavan participated. The main point of discussion was the waiving of interest on the loans availed of by the members of the Rayons Employees Credit Society and the Rayons Housing Society of the company.

The Minister has reportedly assured the committee of due consideration on the issue of waiving of interest on the loans during the lay-off period. The Minister is said to have directed the officials concerned to postpone recovery proceedings in respect of loans taken by the credit society members, in view of the prospects of the company's revival. The Rayons Employees Credit Society is under the control of the Ernakulam District Cooperative Bank and the Rayons Employees Housing Society is under the Housing Federation.

UDF convener P.P. Thankachan, Perumbavoor MLA Saju Paul, Ernakulam District Cooperative Bank president M.M.Monayi, Housing Federation president O.P. Moideen and Rayons Protection Committee representatives participated in the meeting held on Sunday.

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