Cabinet sanctions Rs 3 cr to Titanium company
To tide over the severe financial crunch faced by state-owned Travancore Titanium Products Ltd here, Kerala government today sanctioned Rs.three crores for the company.
By PTI |
THIRUVANANTHAPURAM: To tide over the severe financial crunch faced by state-owned Travancore Titanium Products Ltd here, Kerala government today sanctioned Rs.three crores for the company.
A decision to this effect was taken at a state cabinet meeting, Chief Minister V S Achuthanandan told reporters here.
The company was in deep financial problem with the increase in the price of sulphur, the main raw material for its product titanium dioxide, company sources said.
The price of sulphur had touched Rs.29,500 per tonne from Rs.5,300 last year.
The company has stopped production for the last two months.
Several austerity measures had also been introduced to minimse the over head expenses, the sources said.
A decision to this effect was taken at a state cabinet meeting, Chief Minister V S Achuthanandan told reporters here.
The company was in deep financial problem with the increase in the price of sulphur, the main raw material for its product titanium dioxide, company sources said.
The price of sulphur had touched Rs.29,500 per tonne from Rs.5,300 last year.
The company has stopped production for the last two months.
Several austerity measures had also been introduced to minimse the over head expenses, the sources said.
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