Rs 653 crore package for PSUs

KOTA. The centre has approved a Rs 653 crore revival plan for the sick public sector unit, Instrumentation Ltd(IL) in Kota bringing a new lease of life to the ailing unit and thousands of workers.
Ramanand, chairman and managing director of IL informed that in the 11th plan central government has targeted to produce additional 1 lakh mega watt power in view of increasing demand of energy.Therefore, it has decided to install new power plants. In future there will be no dearth of work orders in IL while here will be shortage of power equiment producing companies.
Ramanand told that in coming financial year we are expecting work orders worth 400 Crores. "Apart from power plants, defense, nuclear power sector and railway signaling systems are also going to place orders to the company. A company of Saudi Arabia is also showing its interest in placing an order for providing control valves. It is quite possible that we shall open our branch offices abroad,"he further said.
It is important to note here that IL was established in year 1964 with technological collaboration of the then USSR. But it was declared a sick unit in 1994 and referred to the BIFR. The central committee of economic affair has approved Rs 652.73 crore to revive the company so that it may get a new lease of life in present period of world wide economic recession.
Ramanand told that the central government has decided to write-off all the loans of the company. Earlier there were liabilities of Rs 504 crore. The workers will also get their dues and pay revisions due since 1997.The age of retirement of workers has been increased from 58 to 60 years so that the company may get advantage of experience of its skilled workers.
Ramanand also said, that with the revival of the company, vacancies for engineers and workers will be generated in future when the production increases. It is worth while to note here that hundreds of workers were forced to take voluntary retirement from the company in past one decade.
He told that till now we were only supplying the electrical and electronic products to the power generating plants but in future we will be in position to run the power plants by our own skilled staff since our workers will be having better know how of maintenance of equipments' fitted in the power plants.
Ramanand informed that in technical collaboration with Norway we are going to develop software which will warn the operators of the about the faults in power plants in advance so that can be repaired well in time and thus there will be no tripping in generation of power which will result in increase of power production.