Chief Minister Oommen Chandy met representatives of various banks and financial institutions involved in lending to Travancore Rayons Limited, Perumbavoor. The meeting, held at Thiruvananthapuram on Friday, was part of the ongoing procedures for executing the government's plan for takeover of the industrial unit, which had been remaining closed for several years.

Mr. Chandy reportedly expressed willingness to settle the dues through a one-time settlement, as per a decision arrived at earlier. The implementation of the decision had been postponed due to various new proposals that were floated for the revival of the unit.

Trade unions at the closed unit had submitted proposals in respect of clearing the dues for the employees.

Industries Minister P.K. Kunhalikutty, Additional Chief Secretary K. Somasundaram, KSIDC executive director Thomas Kutty, Saju Paul, MLA, took part in the deliberations. Representatives of TRL as well as Indian Bank, State Bank of Travancore, Canara Bank, Bank of India, IDBI and IFCI were also present.

More In: Kochi | Kerala | National