The government is expected to announce a package soon for the workforce of Travancore Rayons Limited, which had been remaining closed for several years. A series of intense parleys over the payment of dues to banks and financial institutions have reached a stage of fruitful culmination, sources associated with the company said.
More than half of the employees of the company had retired during the past decade of closure of the unit. The government has mooted separate deals for the employees in the two categories and a final package is being worked out and is likely to be announced this month. The government's intention is to clear the package before the byelection for the Neyyattinkara Assembly seat as the announcement of the date of byelection will further delay the process of taking decisions. Having received a positive response from the trade unions which had been consulted, the stakeholders are hoping for a smooth finish in the final stage of settlement, paving the way for a takeover by the government agency, Kerala State Industrial Development Corporation. New ventures are to be launched at the site as the machinery available will not be of any use for revival of the same production.
