Three public sector enterprises in Ernakulam are among the major beneficiaries of the industrial support schemes announced by Finance Minister T.M. Thomas Isaac in the State Budget presented on Friday.
Traco Cable Company Limited, which has a cable conductor unit at Irumpanam, and Transformers and Electricals Kerala Limited (TELK) received ₹10 crore each while Travancore Cochin Chemicals (TCC) received ₹5 crore for its proposed HCL synthesis unit.
Santhosh Koshy Thomas, managing director of Traco, said that the allocation would go a long way in setting up its high voltage cable testing and certification lab and the larger expansion drive.
“The lab being set up in Thiruvalla will cost about ₹2 crore and its service would be available to all high voltage cable manufacturers and State electricity bodies from within and outside the State. It will be the first-of-its-kind lab in Kerala,” he said. The company also plans to push up its annual turnover from the present ₹170 crore to ₹200 crore.
Mr. Koshy was also optimistic of the budgetary allocation boosting the turnover of its building wire cable unit at Pinarayi in Thalassery from ₹3-4 crore to ₹15-18 crore.
The Angamaly-based TELK, which had given the State government a proposal worth ₹20 crore, was hopeful that the allocation of ₹10 crore would meet more than half the cost of equipment, including vapour phase drying system and high frequency generator, which have been long over due. While the equipment would cost nearly ₹18 crore, the company was confident of raising the remaining amount through credit.
With the allocation of ₹5 crore, TCC plans to set up its proposed HCL synthesis unit for the generation of steam in under four years. “The unit will help us reduce the use of furnace oil in the production of steam consequently reducing our operational cost. Though the unit would cost ₹10 crore, the company would be able to raise the raise the remaining amount on our own,” said K. Vijayakumar, director, TCC.
