The government has decided to sell the property owned by Travancore Cements in Ernakulam and Vaikom to settle the firm’s liabilities, Industries Minister P. Rajeeve said in the Assembly on Tuesday.
Replying to a calling attention motion by Thiruvanchoor Radhakrishnan on the need to settle issues at Travancore Cements, he said that global tenders had been called for the property sale and once the sale of land is completed, the processes to pay off the liabilities would be set in motion.
Travancore Cements went into a crisis after the mining of shells from Vembanad Lake was prohibited. Since 2000, the company has been in the red, Mr. Rajeeve said.
The company survived solely on the funds infused by the government and since 2016, the government had provided financial assistance to the tune of ₹41.18 crore. Last year, the company had to hand over its land at Ernakulam to KINFRA to secure ₹5 crore for paying salaries to the employees.
The government is also exploring the possibilities of saving the firm in the public sector, Mr. Rajeeve said.
