Kerala government today said it was taking over the sick Instrumentation Limited in Palakkad, which the Centre had planned to shut down after the control valve manufacturing company began to incur losses from 1993.
The order for the take-over of the public sector undertaking with its headquarters in Kota, Rajasthan, was issued following a decision of the Kerala cabinet chaired by Chief Minister of the State Pinarayi Vijayan last month.
The State government was taking over the company by paying Rs 53.02 crores to the Centre, the State Industries Minister A C Moideen said, adding that the firm would be renamed as Instrumentation Ltd-Kerala.
The Public Sector Restructuring and Internal Audit Board has been asked to take steps to form the new company, he added.
The industrial policy of the Kerala government was to take over companies neglected by the Centre, he said.
The Centre was planning to privatise Hindustan News Print Factory at Vazhoor in Kottayam district, a subsidiary of Hindustan Paper Corporation, the Minister said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)