Financial Daily from THE HINDU group of publications
Friday, Jul 16, 2004
Financial Daily from THE HINDU group of publications Friday, Jul 16, 2004 |
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Corporate
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Sick Units Kerala signs pact for TRL revival Our Bureau
Kochi , July 15 THE State Government on Wednesday signed an agreement with Coimbatore-based promoters as a prelude to reviving the ailing Travancore Rayons Ltd (TRL) at nearby Perumbavoor. The agreement was signed by Mr N. Damodaran on behalf of the promoters, NDEE group, Mr John Mathai, Principal Secretary, Kerala Industries Department, and the TRL Managing Director, Mr Jayaprakash, in the presence of Mr P.K. Kunhalikutty, State Industries Minister. As per the agreement, all loan liabilities including those taken by the company under Government guarantee would be taken over by the promoters and settled through one-time settlement. Similarly, all dues to the State Government and Government agencies would also be settled. Government concessions and benefits would include permission to pay the electricity charges and sales tax in instalments and assistance and cooperation for setting up of new hydroelectric projects, according to a Senior Official at the Industry Minister's Office. The agreement, which has been prepared after detailed examination by different Government departments, was finalised after discussions with both ruling and opposition parties and the trade union representatives, he added. However, the actual reopening of the company would take 3-4 months as the promoters would have to hold discussions with financial institutions, banks, etc., for a viable one-time settlement of their dues, company sources told Business Line.
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