Thiruvananthapuram: In the face of a severe financial crisis, Travancore Cements Limited in Natakam, under the state government, has placed an advertisement in a foreign newspaper to sell its land at Vazhakkala near Kakkanad in Ernakulam. An advertisement was also published in Gulf News, which invites global e-tenders for the sale of 2.79 acres of land. The tender period extends until the 29th of this month.
The advertisement specifically targets foreign Malayalis and real estate companies. Despite an earlier decision by the Cabinet to sell the land to reduce the financial crisis, no buyers came forward. In response, the management opted to place advertisements in foreign newspapers to attract buyers and maximise the sale price.
For the questions that arose about this move, the management explained that an advertisement was also published in a national newspaper. The company currently faces a liability of approximately Rs 33 crore, encompassing rent, taxes, and benefits owed to retired employees.
The company has not even paid the money due to its retired employees, with indications that over Rs 8 crore are pending in this regard. Following action by ex-employees who approached the High Court seeking their dues, the company assured settling the payments by selling the land.
Travancore Cements has not paid the salaries of its employees for four months. It has also failed to pay over Rs 22 crore in raw material dues.
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