The Cabinet on Wednesday decided to issue an Ordinance for the take over the Kerala Spinners at Komalapuram in Alappuzha district.
Chief Minister V. S. Achuthanandnan told the media after the Cabinet meeting that a recommendation would be sent to the Governor for promulgation of the Ordinance.
Kerala Spinners is a joint sector company owned by the State government and a Kolkata-based group. It has been defunct since 2003. The State government will now take full ownership of the company.
About 500 employees of the company are to get voluntary retirement benefits today as part of an agreement signed between the management and the employees.
