Efforts to revive Travancore Rayons end up in a stalemate

Jays Jacob
10 July 2003

Kochi: Plans to revive the Perumbavoor-based Travancore Rayons Ltd (TRL) has reached a dead end with the Kerala state government asking the company''s potential private promoter to further dilute the demands for concessions from the government.

According to sources, the meeting between United Democratic Front convener Oommen Chandy, and promoter N Damodaran of the Dinosaur Industries Ltd, Coimbatore, did not produce the desired results.

Chandy is understood to have made his mind clear on the requests for concessions in electricity tariff and payment of sales tax arrears. Damodaran sought a week''s time to consider further dilution of the demands in the revised revival proposal, the sources said.

The meeting, held in Kottayam on Saturday, was also attended by Perumbavoor MLA Saju Paul, and Perumbavoor municipal chairman N C Mohanan. The meeting was facilitated by the combine of trade unions at TRL, Rayons Samrakshana Samithy, in a last-ditch effort to get the revival proposal approved by the state cabinet.

There is indication that the government may take its own time to decide on the issue as it has time till 27 July for the same. The issue of revival of the company is likely to come up for hearing in the Kerala High Court on that date.

With Industries Minister P K Kunhalikutty out of station, it is likely that a decision may be taken only next week. Chief Minister A K Antony, who was away from the state capital last week, will be given detailed notes on the issues involved.