Kollam: A private player is all set to take over the Aluminium Industries Limited (Alind) here.
The factory that sustained a 15-year shutdown saw a ray of hope when present MP N. Peethambara Kurup inaugurated its renovation work about four months ago.
The corporation that was owned and operated by a board of directors declared it a “sick industry” in 1998. The employees alleged that the private firm that showed interest in acquiring the firm had signed an MoU, but no agreement was signed with the employees regarding settlement of salaries and allowances since 1998.
Meanwhile, the revival committee that supported the takeover of the firm by the private player said it was waiting for the Board for Industrial and Financial Reconstruction to take a final decision on proceeding further.
“The factory, when it was closed in 1998, did not say it was a ‘shutdown’ or a ‘layoff’, maintaining the possibility for the employees to claim salary compensation for the non-functioning period of 15 years”, said Alind Trade Union secretary G. Ashokan.
“Anybody can take over the ownership, but our issue is with the terms of settlement. We have planned to file our objection to the present procedure at the meeting called for by the BIFR authorities on January 9,” he added.
Set up in 1946, Alind had seven production units in places including Hyderabad, Hirakud, Mannar, Kundara and Vilappilsala, manufacturing electrical goods and had an asset of around Rs 3000 cr. The factory has two units in Kundara, a corporate office and a regional office in Thiruvananthapuram, which are not functioning.
