• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Mony K. Mathew

Thiruvananthapuram , Jan 9

The process for rehabilitating Aluminium Industries Ltd (Alind), initiated way back in 2003, has remained stuck in litigations against the proposals approved by the Board for Industrial and Financial Reconstruction (BIFR).

The matter is now pending in the Appellate Authority for Financial and Industrial Reconstruction where the aggrieved parties, including the present management and those who lost out on the bids for some of the company's divisions, had gone in appeal against the proposals, according to sources.

Alind, which began operations in 1946, was declared sick in 1987. Since then, there had been many attempts to revive the company, which has six divisions located in Kerala, Andhra Pradesh and Orissa.

In 2003, the BIFR ordered rehabilitation of the operating divisions of Alind as separate companies and sale of the assets of the divisions that was lying closed. The operating agency had subsequently set in motion the process as directed by BIFR.

BIFR had approved the proposal for takeover of the Relays Division in Thiruvananthapuram by a non-resident Indian at a total cost of Rs 2.37 crore. Similarly, Volta Impex proposed taking over the machinery division of Alind in Hyderabad.

Another proposal awaiting decision by AAFIR is the takeover of the switchgear division at Mannar in Kerala by Alind Employees Industrial Cooperative Society, floated by the workers of the unit. The proposal envisages a total outlay of Rs 4.77 crore, including an equity component of Rs 1.30 crore.

The society had raised Rs 80 lakh and the Kerala State Industrial Development Corporation had agreed to participate in the equity to the extent of Rs 50 lakh.

These units apart, Alind has a division at Hirakud in Orissa and another at Kundara in Kerala. The assets of these divisions are to be sold off as per the BIFR order in 2003.

More Stories on : Sick Units | Aluminium

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
ONGC relinquishes four blocks in NELP I/II

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