The State government is ready to provide more financial assistance to Public Sector Undertakings (PSUs) having the potential for growth, Finance Minister T.M. Thomas Isaac has said.
He was inaugurating the two autoconer machines installed at Komalapuram Spinning and Weaving Mills at a cost of ₹5.9 crore on Sunday.
Dr. Isaac said the government’s policy was to ensure the development of the PSUs in the State. “The Centre is engaged in selling off PSUs. It plans to raise ₹1.75 lakh crore by selling stakes in PSUs. The Left Democratic Front government in the State, on the other hand, is initiating measures to strengthen the public sector companies,” the Minister said.
Reopened in 2016
The Komalapuram Spinning and Weaving Mills, which remained closed for several years, was reopened in 2016 with the assistance of the government. As part of the second-phase development, 18,240 ring spindles and 20 air jet looms have been made operational.
In November 2020, the foundation stone for a non-woven fabric production unit was laid at Komalapuram Spinning and Weaving Mills.
Alappuzha district panchayat president K.G. Rajeshwari presided. A.M. Ariff, MP, Aryad block panchayat president K.D. Mahendran, district panchayat president R. Riyas, and others attended.