Kerala - Kochi   

State to fund joint venture

KOCHI: The State government will pump in a matching amount for making a success the joint venture between the Angamaly-based Transformers and Electricals Kerala Ltd (TELK) and the National Thermal Power Corporation Ltd. (NTPC), Industries Minister Elamaram Karim has said.

In his inaugural address at the commencement of the operation of the joint venture between TELK and NTPC at Angamaly near here on Tuesday, the Minister said that 44.6 per cent shares of the government have been transferred to NTPC, as part of the joint venture. Later, the share-holding will be in the ratio of 50:50. Mr. Karim told the gathering that all efforts would be made to convert TELK in to a ‘mini-ratna’ company.

The company has made an operational profit of Rs.36.14 crore in 2008-09 and the target is to achieve a turnover of Rs.1,000 crore in the next five years, the Minister said. The company achieved an all-time high sales turnover of Rs.220 crore besides getting an export order worth Rs.77 crore last year. TELK also won order booking worth Rs.286 crore during this period, he said.

The joint venture agreement envisages an ambitious expansion plan for TELK at a total cost of Rs.188.65 crore. In the first stage, Rs.48.25 crore will be utilised for updation and augmentation while Rs. 112.4 crore will be used for expansion in the second stage. A business plan for augmenting the capacity to 12,000 MVA against the present installed capacity of 4,500 MVA is under consideration of implementation.

The director board of the joint venture between TELK and NTPC will have eight directors. Of this, four will be representing the government. T. Balakrishnan, Principal Secretary, Industries, is the chairman of the board.

Jose Thettayil, MLA, presided. S. Venkadeeswaran, managing director, TELK, presented the report. MPs K. P. Dhanapalan and P. Rajeev offered felicitations.

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

Stories in this Section

Free training
Merger of PSUs on the cards: Karim
Award for scribe
B.Tech admission
Notice to college
No bail for CPI(M) men in abduction case
Justice clubs in schools planned
Russia job fraud: full picture yet to emerge
State to fund joint venture
Racket in diverting fertilizer busted
Residents’ forums adopt parallel resolutions in sign of widening rift
Official dies in tragic situation
Bomb hoax at railway station
Green activist to address seminar
Bank merger opposed
In Kochi Today

Copyright © 2009, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu