PERUMBAVOOR: Long before getting municipality status, Perumbavoor was known to the world as the home of Travancore Rayons Ltd, the first factory in Asia to produce bio-degradable cellulose-based viscose filament yarn and cellulose film. Established in 1946 by Muthiah Chidambaram Chettiar, the company only had tales of glory to narrate. But as time passed, Rayons faced financial crisis and ultimately wound up on July 17, 2001. Now the skeleton of the company remain in the 73-acre jungle at Vallam around 4 km off Perumbavoor town.
If all goes well, the revival of Travancore Rayons is set to become a reality within two to three years.
“The state government has already finalised the affidavit to be presented before the High Court for the revival package of the company. After submitting the same, it will take at least three months to settle the liabilities. The land will be handed over to Kerala Industrial Infrastructure Development Corporation (Kinfra) and new projects will be set up,” said an official.
When the company wound up, there were 1,465 employees and now only 800 staff members remain. Of the 73-acres of land, five acres were handed over to Kerala State Electricity Board (KSEB) to set up a 110KV sub-station four years ago. The state government owns 34 per cent share in the company. The total liability of the company now stands at around `70 crore. “Before the Lok Sabha elections, the State Government had given in-principle approval for the revival package of Travancore Rayons. After giving away the land to the KSEB, the company has 68 acres of land in its possession. The land could be utilised effectively to set up an IT Park. The tourism potential of the region could also be explored,” M S Unnikrishnan, officer in-charge, Travancore Rayons, said. Meanwhile, the residents have complained that the premises of the company has turned into a jungle.
“The huge land bank in custody of the company can be used to set up non-polluting industries. A part of the land could be used for setting up a medical college. Since the company is situated on banks of Periyar, its tourism potential can be exploited,” said C K Abdulla, president, Perumbavoor Merchants Association.