NEW DELHI, May 26: The Container Corporation of India (CONCOR) is likely to takeover Allahabad-based Triveni Structurals in a bid to salvage the public sector company from becoming a sick unit.
“CONCOR has said that it would take over (Triveni Structurals) but sans the employees. However, a final decision is yet to be made,” a source close to the development told while declining to share other financial details of the proposed plan.
The takeover move of the company, which comes under the Ministry of Heavy Industries and Public Enterprises, is mainly to utilise it’s land assets, machinery and other equipment.
Voluntary retirement scheme (VRS) for some employees may be considered, while the remaining are likely to be absorbed after the takeover.
“After VRS, about a 100 employees would be left for absorption,” the source added.
Triveni Structurals is a government undertaking company for heavy steel work. Most of the TV towers, Dam Gate of Ramganga River project, Srisalam Dam, Indira Sagar dam, Chandil Dam, Ranjeet Sagar Dam, having been constructed by the company.
It was also involved in building of rocket launcher at Sriharikota, Skaylark projet, and renovation of Tata Steel (erstwhile TISCO).
CONCOR was established in 1988 and works mainly in three verticals — cargo terminal, terminal operator and warehouse operator.
Net profit of CONCOR declined by 1.93 per cent to Rs 236.58 crore for the quarter ended December 31, 2012 compared to Rs 241.23 crore for the quarter ended December 31, 2011.
Total Income increased by 4.55 per cent to Rs 1,166.83 crore for the quarter ended December 31, 2012 from Rs 1,116.09 crore for the quarter ended December 31, 2011. (PTI)
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