Thiruvananthapuram: Industries Minister P Rajeev has informed the Assembly that the government is taking immediate steps to set up Kerala Rubber Limited, a CIAL-model company.
The KITCO has submitted a detailed project report. While considering factors such as high growth rate, high consumption of natural rubber, export potential and high operating margin; three products have been shortlisted for manufacturing at the company under its value-added initiatives. These products are off-road tyres, heat-resistant latex thread and medical gloves.
The estimated cost for the project, which will be developed in three phases, is Rs 1,050 crore.
The Minister said that the land of Hindustan Newsprint Ltd at Velloor in Kottayam district is being considered for the project.
Newsprint takeover in a month
The state government will complete the takeover of Hindustan Newsprint Limited within a month. The decision was taken during a meeting chaired by Minister P Rajeev.
The expert committee should evaluate the present situation and submit a report for the board of directors of the new company to meet in a month. The meeting entrusted KINFRA to submit a detailed report on land utilisation. Industries department Principal Secretaries Dr K Ellangovan and Mohammed Hanish took part in the meet.