The Hindu Business Line : Trayons reopening likely before Onam

For around 1,200 workers of the sick Travancore Rayons Ltd (TRL) at nearby Peumbavoor, which completed six years of lay-off on Tuesday, the likely reopening of the company is going to be an Onam gift, as the Chief Minister, Mr V. Achuthanandan, has asked the departments concerned to clear all the pending issues and sign the agreement with the new promoters before the festival.

The Chief Minister has asked senior officials to submit the documents completed for Cabinet approval within a month, Mr Saju Paul, MLA, told Business Line. He said that the land would be made available to the promoters Elenjical Gro up of companies on lease and they should pay all the statutory dues to the employees. Besides, the Government would not extend any guarantee to the promoters for securing loans, he said.

The promoters would not be allowed to enter into joint ventures with other parties in the TRL premises without government approval, he said.

All these decisions were taken at the final meeting of the concerned parties convened by the Chief Minister on Monday and attended by the ministers for industry and finance, MP and MLAs and senior officials of these departments, KSEB Chairman, the promoters and other officials, he added.

Agreement reached

“We have agreed to the final decisions taken at the meeting,” Mr Joseph Varughese, Managing Director of the group, told Business Line on Tuesday. The group is, in fact, ready to reopen the company immediately after signi ng an agreement with the government, he said. “We have already arrived at an agreement with the banks and financial institutions in principle to settle all the outstanding dues by paying Rs 5 crore,” Mr Joseph Varughese said.

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