Kerala govt announces emergency financial assistance for cash-strapped PSU

The Kerala government has announced emergency financial assistance to Travancore Cements Limited, a cash-strapped public sector undertaking (PSU) to tide over its ongoing crisis.

The decision was taken in a high level meeting, convened by Industries Minister P Rajeev, on Wednesday.

The meeting also decided to formulate a long-term action plan to cover the Kottayam-based company's various liabilities and losses.

The minister said the government would take effective steps to overcome the working capital crisis being faced by the firm. A ministerial level meeting would be convened under the Revenue Minister to settle the arrears of the company since 2010, he said.

A decision would be taken soon on the sale of the company's property at Kakkanad in Kochi to settle the liabilities.

To revamp the company's production, professionals would be inducted into its Director Board and the production of white cement, its major product, would be increased, the minister added.