Writes to thank Vilasrao Deshmukh for including it in agenda
Company only one of its kind in
It needs Rs. 302 crore for revival
Udhagamandalam: The need to revive the ailing Hindustan Photo Films (HPF) near here has been emphasised by the Union Minister for Communication and Information Technology A.Raja.
Adverting to the meeting of the Board for Restructuring Public Sector Enterprises scheduled to be held at New Delhi on Friday, he hoped that steps would be initiated to put it on the road to revival.
A press note, issued here on Thursday, stated that in a letter to Union Minister for Heavy Industries and Public Sector Enterprises Vilasrao Deshmukh, Mr. Raja in his capacity as the Member of Parliament representing the Nilgiris constituency has thanked him for including the company in the 100-day agenda of the Heavy Industries Ministry and pointed out that the HPF was the only one of its kind in South-East Asia.
It had come into being to help socio-economic development of the Nilgiris district which was industrially backward and help the nation achieve self-sufficiency in the photo goods sector.
It inter-alia serves the need of the defence sector. Despite the availability of infrastructural facilities and latest technology it had become financially weak due to circumstances beyond its control.
It was now in such a situation because efforts had not been made to set right matters when it started facing difficulties.
If a decision to revive the company is not taken soon, it will lose its place in the photo goods market and its production capabilities as it lacks working capital.
The employees are still being paid as per the norms evolved in 1987, he said in the letter.
Stating that the company needs Rs. 302 crore to put itself back on feet, the Union Minister said that it included Rs. 200 crore for one time settlement of dues, Rs. 50 crore for working capital and wages, Rs. 9 crore for carrying out repairs and Rs. 43 crore for other expenses.