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G.K. Nair

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Kochi Feb. 28 The lender banks and financial institutions of Travancore Rayons Ltd (TRL) have agreed in principle to reach a one-time settlement with the company's prospective promoter, Elenjical Group of Industries.

At a meeting convened on Wednesday by the State Industries Minister, Mr Elamaram Kareem, in Thiruvananthapuram and attended by representatives of the banks and FIs, the promoter, Mr Jojo, and senior Industries Department officials and the Managing Director of TRL, Mr Jayaprakash, the banks/FIs agreed to arrive at a one-time settlement with the company under the revival process, official sources told Business Line.

REVIVAL PLAN OKAYED

The Government has accepted the unit's rehabilitation proposal submitted by the new promoters.

The BIFR (Board for Industrial and Financial Reconstruction) had ordered the closure of the unit in 2002.

The company is under lay-off for over four years and about 1,200 workers are without wages.

More Stories on : Restructuring | Non-Performing Assets | Sick Units | Textiles | Kerala

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