Kerala - Kochi   

Unions back Travancore Rayons revival plan

KOCHI: Trade unions of the closed industrial unit Travancore Rayons Ltd. at Perumbavoor have decided to support the ongoing plan for revival of the unit. The decision was taken at a meeting convened by the State government in Thiruvananthapuram on February 28.

The meeting was called in the wake of differences of opinion that had arisen recently over the revival deal put forth by the promoter, Elanjikkal Group.

Representatives of all trade unions took part in the meeting held in the presence of Industries Minister Elamaram Kareem, according to sources associated with the company. Leader of the Opposition Oommen Chandy also attended the meeting.

The Elanjikkal Group had offered to run the company a few months ago and procedures were being worked out. Sources said certain allegations were levelled against the promoters and hence there was need for a consensus before signing a memorandum between the promoter and the government. The government was reportedly ready to go ahead if there was consensus. According to the latest round of talks, the government was willing to file a statement before the High Court, which had stayed an order of the Board for Industrial and Financial Reconstruction (BIFR) for winding up the unit. The joint statement with the promoter would be filed within a month.

Earlier, the Coimbatore-based NDEE Group had proposed to run the unit, but eventually withdrew, apparently unhappy with the terms of the deal. The closed unit had incurred heavy debt and the promoter was expected to clear the dues under a financial package offered by the government.

The unit employed more than 1,000 workers.

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