10 new PSUs to be launched soon

THIRUVANANTHAPURAM: Industries Minister Elamaram Kareem has pooh-poohed the dissenting notes on the utilisation of reserve funds of profit-making public sector undertakings (PSUs) to start new companies as well as modernise old ones.

After three decades of lull, 10 new PSUs are coming up in the state, which is expected to strengthen the industrialisation of the state and provide new job opportunities.

A humongous capital investment to the tune of Rs 574 crore will be made towards this as well as the modernisation and development of existing ones, of which reserve funds are only a part.

The funds for the new PSUs will be obtained through three means: Budgetary allocation, funds from profitmaking PSUs and loans from financial institutions.

KMML would contribute Rs 63 crore and Malabar Cements Rs 40 crore, partly as shares and partly as loan.

This utilisation of reserve funds for common good is a major deviation from the paths followed by previous Governments and the Industries Minister firmly believes that this investment is much more progressive than locking it away.

While 10 units are to be launched, two of them SIFL (The Thrissur-based Steel and Industrial Forgings Ltd.) and KSIE (Kerala State Industrial Enterprises Ltd) are starting their new units at Shoranur and Aluva using their own reserve funds and loans from financial institutions.

At Aluva, the KSIE is all set to launch a container freight station.The other new units to set up by the PSUs include a unit of Traco Cables at Thalasserri, a unit of United Electrical Industries at Kuzhalmandam, SIDCO (The Kerala Small Industries Development Corporation) tool room at Kozhikode, Keltron tool roomcumtraining centre at Kuttippuram, Bamboo flooring tiles unit at Cheruvannur and three spinning mills at Komalapuram, Thalasseri and Uduma bythe Kerala State Textile Corporation.