The Hindu : Kerala News : TRL revival yet to bear fruit

Online edition of India's National Newspaper
Wednesday, May 10, 2006

Kerala

Kerala

TRL revival yet to bear fruit

Staff Reporter

KOCHI: One of the problems to be confronted by the next Government on the industrial front will be the revival of Travancore Rayons Limited (TRL), Perumbavoor. The revival of the industrial unit has been a long pending affair and the efforts taken by the United Democratic Front (UDF) Government has failed in achieving the goal.

There were high expectations among the stakeholders when the Coimbatore-based NDEE Group came forward with a revival package.

But the effort is yet to bear fruit. This is largely due to the inability of the financial bodies to arrive at a one-time settlement contemplated by the parties concerned.

The NDEE Group is ready to invest about Rs.550 crores initially, but the dues have to be cleared before the takeover. A consortium of banks and financial institutions are yet to work out a deal for one-time settlement of the dues amounting to more than Rs.50 crores.

Though the company's accrued loss is about Rs.130 crores, the Government has waived tax dues.

The trade unions had formed a coordination committee to facilitate an earlier agreement. Talks were held over and again with the concerned parties, but the final settlement remained elusive.

While the talks at the regional level went ahead smoothly, the final draft of the agreements got blocked at the highest level.

The workers, who were optimistic of an early solution, now feel the pinch of the dragging situation.

The hope is still alive in the minds of workers as well as other stakeholders, but none is able to answer as to when the stalemate will end.

Printer friendly page
Send this article to Friends by E-Mail