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Kerala Govt likely to takeover Travancore Rayons and Comtrust

09
Jun '10
The Cabinet is finally speeding up its processes to consider the State Government's move of taking under its fold, Comtrust Textile Factory and the Travancore Rayons Limited. Paper work is being processed by the Industries Department, to help government put the matter before the Cabinet, during their meet this week.

Once the Cabinet decides upon the matter, the due order for taking over the two companies will be announced.

Owing to liquidity crunch, Comtrust Textile factory in Kozhikode, an ancient firm that was left behind by the Basel Missionaries, as a contribution to Malabar, is on the edge of closure.

The firm owns a key property in Kozhikode and had come to a standstill on February 1 this year. It has about 350 employees, including 130 weavers and 150 staff members. It incurred a huge loss of almost Rs 130 million, during its shut down.

Government decided to take over this textile firm, as a part of its own decision of marketing apparel production as a driving force, with the help of specific schemes and packages, Upgradation of skills and market development, as declared in the State Industrial Policy.

The Travancore Rayons Limited (TRL) was the first ever industrial firm, which was set up on the banks of Periyar in 1946 in Perumbavur. The High Court had given directives for its closure in 2008, after receiving recommendations from the Board of Industrial and Financial Reconstruction (BIFR) in 2002 and consequently from the Appellate Authority for Industrial and financial Reconstruction (AAIFR).

However, the directive was withheld by Court, so as to permit the State Government to submit a proposal to renew the unit.

TRL has 1,022 employees and is located on a 73-acre land that is provided to them on lease by the State Government.

Fibre2Fashion News Desk - India


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