Kerala - Kochi   

Trayons revival: four groups submit details

KOCHI: Four out of five groups of companies which took part in the global tenders for the revival of Travancore Rayons Limited, Perumbavoor, have submitted details pertaining to their assets and previous balance sheets to the government.

The step is part of the procedures for selecting the prospective promoter.

The five groups which expressed interest in the takeover of Trayons are KMC Construction Limited, Hyderabad; Midland Steel Contracting LLC, Dubai; Happy and Ruby group, Abu Dhabi; Elanjikkal group, Kochi; and Perumbavoor Sawmill Owners Service Enterprises Limited. Details supporting the claim on the financial strength are yet to be received from the Abu Dhabi-based company and the officials are hopeful of receiving the same soon, according to sources associated with the revival process.

The submitted details are being examined and the government will convene meetings with the heads of the groups. Issues pertaining to payment of outstanding dues and the one-time settlement offer from banks and financial institutions which had extended loans to Trayons will be discussed at these meetings.

A memorandum of understanding (MoU) will be signed by the new promoter later.

The entire procedure will have to be completed in a time bound manner as the government will have to submit the report on the steps taken for the revival of the company to the High Court before June 30.

The court had granted time till June-end for taking effective steps for revival of the closed unit.

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