Financial Daily from THE HINDU group of publications
Friday, Apr 19, 2002
Financial Daily from THE HINDU group of publications Friday, Apr 19, 2002 |
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Corporate
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Sick Units Govt to wind up Mysore Cosmetics Our Bureau
BANGALORE, April 18 THE Karnataka Government has decided to wind up the loss-making Mysore Cosmetics Ltd. The decision was taken at the Cabinet meeting held here today, according to the Minister for Information and Publicity, Mr M Sivanna. Addressing a press conference, Mr Sivanna said the employees of the company would be extended a separation package under a voluntary retirement scheme. The State-owned Mysore Cosmetics, which was producing talcum powder and other cosmetics, had been marketing its products through the Mysore Sales International Ltd, However, the Minister said, it could not make much progress. Hence, the move to wind up the company, he said. In another decision, the Government has decided to enhance the subsidy for bio-gas plants to be set up in villages. The subsidy for a unit costing Rs 6,500 had been increased threefold from Rs 500 to Rs 1,500 while for a unit costing Rs 8,000, the subsidy had been hiked from Rs 2,300 to Rs 3,500, Mr Sivanna said.
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