Thiruvananthapuram, Oct 19 (IANS) Kerala's ailing public sector units have received a boost as Indian Railways and Indian Telephone Industries (ITI) have expressed their willingness to do business with the units here.
While ITI Bangalore Thursday inked a memorandum of understanding (MoU) with state-owned Small Industries Development Corporation (SIDCO) for launching joint ventures, top railway officials held discussion with Industries Minister Elamaram Kareem to set up a wagon manufacturing unit in cooperation with two state units, Autocast and Steel Industries Limited Kerala (SILK), in Alappuzha.
'ITI Bangalore would help set up a Rs.3 billion Telecom City/Park with the help of SIDCO. While SIDCO would contribute by way of their assets, the investment would be brought in by ITI,' Kareem told reporters after the MoU was inked here.
'The discussions with the top railway officials were extremely fruitful and they visited the two units of Autocast and SILK. They said they would discuss this in the Railway Board and get back to us in two weeks,' said Kareem.
'With regards to the wagon manufacturing unit, it would come up when Railways get the latest technology for producing light weight wagons and bogies. They have agreed to make all the required investment and as the first step they would pump in Rs.500 million in these two units,' he added.