Staring down the barrel in the face of revenue recovery and account freezes, Travancore Cements Limited (TCL) has received much-needed support, with the Kerala government deciding to extend an emergency financial assistance to the cash-strapped public sector undertaking (PSU).
A decision to this effect was taken during a high-level meeting convened by Industries Minister P. Rajeeve on Wednesday. The meeting also decided to formulate a long-term plan to cover the company's various liabilities and losses.
Stating that the government would take steps to overcome the working capital crisis faced by the company, Mr. Rajeeve spoke of a plan to settle the lease arrears of the company since 2010 in a meeting with the Revenue Minister. A decision will soon be taken regarding the sale of the company's property at Kakkanad to settle its liabilities.
