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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app