The Hindu Business Line : TRL promoters to hold talks with Indian Bank

THE Coimbatore-based NDEE group, promoters of the sick Travancore Rayons Ltd (TRL) at Perumbavoor, which have already reached a one-time settlement with the IDBI recently, will now hold discussions with the Indian Bank officials on December 17 to arrive at a similar agreement.

The meeting is expected to be held in the presence of the Chief Minister, Mr Oommen Chandy. He will also hold discussions with the trade union leaders of the company on the same day.

The discussions might cover a proposed restructuring/re-phasing process of the work force as part of the revival package, trade union sources told Business Line.

It is understood that the promoters might effect a reduction in the number of workers through VRS and re-deployment elsewhere.

Meanwhile, at a meeting convened at Perumbavoor today by the State Cooperation Minister, Mr M.V. Raghavan, the Minister agreed to consider a demand of the TRL Employees Credit Society and Rayons Employees Housing Society to keep in abeyance any legal proceedings to recover the dues till the revival of the company.

The dues outstanding in the case of the Rayons Employees Credit Society are estimated at Rs 4 crore, while that of Rayons Employees Housing Society is Rs 1.5 crore.

These amounts have to be recovered from the employees who are under lay-off from July 2001, Mr P.V. Sukumaran, Joint Convenor, Rayons Samrakshana Samithi, said.

"Probably this is the first ever event where a rehabilitation proposal of a private party has received the unanimous support of all the trade unions as well as the ruling and Opposition parties alike, including the CITU," trade union sources said.

As per the rehabilitation proposal, the promoter is to invest Rs 530 crore spread over a period of five years for modernisation of the company, they said. In the first year the promoter would invest Rs 60 crore for renovation of the existing plant. All the old machineries would be phased out in three years, they added.

The company is under lay-off for over two years now and about 1,200 workers are without wages. At present, the unit is maintained by a skeleton staff of 70 people on a monthly wages of Rs 500, they added.

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