VRS being prepared for sick PSU Hindustan Photo Films employees

NEW DELHI: The Department of Heavy Industries will soon seek the Cabinet approval for voluntary retirement scheme it is preparing for employees of sick PSU Hindustan Photo Films Manufacturing, Parliament was informed on Tuesday.

"The Department of Heavy Industry is preparing a voluntary retirement scheme (VRS) package for approval of the Cabinet Committee on Economic Affairs (CCEA)," Minister of Heavy Industries and Public Enterprises Praful Patel said in the Rajya Sabha.

His written reply was to question related to rival of Ooty-based Hindustan Photo Films Manufacturing.

Last year, a CCEA note for revival of Hindustan Photo Films Manufacturing was submitted to the Cabinet Secretariat. The same was discussed in its meeting held on 23 August, 2012 and was withdrawn. It was decided to rework an attractive VRS package, the minister added.

The company, which employed 714 employees (executives 290 and non-executives 424) as on March 31, 2012, was declared sick by the Board for Industrial and Financial Reconstruction (BIFR) in 1996.

The company, set up in 1960, is engaged in manufacturing of X-ray films, polyester based X-ray and graphic arts films and magnetic auto tapes.