Industries Minister P. Rajeeve, who visited Transformers and Electricals Kerala Limited (TELK), Angamaly, on Tuesday said the National Thermal Power Corporation (NTPC), the State government’s partner in the joint venture, TELK, has expressed desire to withdraw from the partnership.
The request is being processed. The Minister said the NTPC’s withdrawal was part of the Centre’s move to withdraw from joint venture undertakings. However, the NTPC continues to support TELK.
Mr. Rajeeve reviewed operations of TELK during his visit. The public sector company has recorded a profit of ₹2.85 crore in the financial year 2023-24. It struggled through the pandemic and the following years but showed resilience during the last financial year.
TELK expects to do better in the current financial year, said a press release. Plans are in place to achieve the goals. The order book position of the company is healthy. It had also overcome the issue of shortage of working capital, with the government standing guarantee for a loan of ₹40 crore.
TELK expects a profit of ₹5 crore during the current year even as it is preparing to fill vacancies. The company’s performance is reviewed every three months, the release added.
Published - May 21, 2024 11:00 pm IST
