Financial Daily from THE HINDU group of publications
Wednesday, Dec 10, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 10, 2003 |
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Corporate
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Sick Units BIFR orders sale of viable units of Alind Mony K. Mathew
Thiruvananthapuram , Dec. 9 THE Board for Industrial and Financial Reconstruction (BIFR) has ordered the sale of the ailing Aluminium Industries Ltd's (Alind) Machinery Division, Hyderabad, and the Relays Division, Thiruvananthapuram. Earlier, the operating agency, State Bank of Travancore (SBT), had invited proposals for the takeover of the divisions and forwarded some of them, which conformed to the terms and conditions, to BIFR for consideration. BIFR has prima facie found the proposals acceptable and directed SBT to seek the creditor-bankers' approval, according to sources. A meeting of the bankers will be convened soon to discuss the proposals and take appropriate measures. Both the divisions are to be sold as viable units. In the case of the company's Switchgear Division at Mannar in Kerala, BIFR has asked the Employees Cooperative Society there to submit a fully tied-up comprehensive rehabilitation package. The society was formed by the employees some time back for the specific purpose of taking over the division and running it independently. The Society had a couple of years ago put up a proposal for taking over the division. But it did not go through as the price offered was not up to the expectations. The Hyderabad facility of Alind has a Materials Handling division, apart from the Machinery Division. Both the divisions are now proposed to be hived off as a single unit. The Machinery Division was set up in 1967-68 for the manufacture of wire machines in technical collaboration with Miyazaki Iron Works of Japan. It subsequently entered into similar tie-ups with Brondel of France and Takashima Sangyoto of Japan.
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