The Hindu Business Line : Ruias in tripartite pact on IDCOL unit

The Ruia Group has entered into a tripartite agreement with the leading labour union of Hirakud Industrial Works Ltd (HIWL) and Industrial Development Corporation of Orissa Ltd (IDCOL). This was a pre-condition for acquiring the sick PSU from IDCOL, a State Government undertaking.

As per a court order dated May 19, the acquisition should be completed latest by July 18.Talking to Business Line, a Ruia Group spokesperson said that a tripartite agreement was signed between the group, IDCOL and HIWL Workers Union on June 2, outlining the compensation package for early retirement scheme, if any, and payment of past dues for the existing 410 employees.

According to the official, the Group will pay 20 per cent of the ERS payment and also the entire sum of past dues and arrears. IDCOL will be leveraging finances from the Department for International Development, UK, to finance 80 per cent of ERS dues.

The number of employees to be separated and the total amount of past dues were yet to be firmed up, the official said. Two other unions, PCO (IDC) Workers Union and Hira Cable Employees, did not turn up for the meeting and avoided entering the pact. "We are now waiting for the share transfer and transfer of assets of HIWL", the spokesperson said.

More Stories on : Sick Units | Trade & Labour Unions | PSU

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