Kerala   

VS convenes meet for TRL revival

Staff Reporter

Steps to facilitate takeover by new promoter

KOCHI: Efforts will be taken to expedite the revival of Travancore Rayons Limited (TRL), Perumbavoor. Chief Minister V.S. Achuthanandan has given instructions to the Ministers and departments concerned to coordinate the efforts so that the outstanding issues are settled within a month to facilitate the takeover by a new promoter immediately.

A meeting, convened on Wednesday in Thiruvananthapuram, was attended by Industries Minister Elamaram Karim and Finance Minister Thomas Isaac, Travancore Rayons Managing Director Jayaprakash, Electricity Board Chairman Manoharan and other officials, sources said.

One-time settlement

The focus of the meeting was on the one-time settlement of outstanding dues, an issue which had been agreed in principle by banks and financial institutions.

An agreement on labour issues is also in the final stage. A meeting was convened at Aluva recently to chalk out the labour issues.

The meeting stressed the need to finalise the agreement and pave the way for the takeover by the new promoter Joseph Varghese of Elanjikkal Group.

Sources said the attempt made for revival of the company a few months ago by another promoter was abandoned as the one-time settlement issue could not be settled after some of the participating banks backed out.

Such a situation would not be repeated in the present case, the sources said.

The trade unions had formed a united body to facilitate the takeover. The TRL have more than 1,000 employees, who are going through tough times ever since the unit was closed.

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

Stories in this Section

Kerala Government releases draft forest policy
No plan to shift Plachimada plant: Coca-Cola
Seaweed farming to be launched on commercial scale
Study on suicides in armed forces sought
VS convenes meet for TRL revival
Hospital to get new facilities
Workshop on RTI Act held
Tenhipalam
`Budget a long-term plan'
Exclusive berth for Lakshadweep vessels in Kochi port planned
AIYF initiative
Next issue
Around the City

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu