CM meets Tata steel MD over Tayo crisis

RANCHI: Chief minister Raghubar Das on Thursday summoned Tata Steel MD, (India and South East Asia) T V Narendran and chairman, Tayo Rolls limited, Anand Sen at his residential office to discuss measures to bail out Tayo rolls from the present crisis.
Tayo rolls, a subsidiary of the Tata Steel limited has closed down due to poor financial health and over 1,000 employees of the company are looking upto the state government for respite.Das asked Narendran to consider the matter and find out ways to ensure that the factory is not closed down permanently. Principal secretary to the chief minister Sanjay Kumar said that the discussion ended on a positive note.
"After listening to both the parties patiently, the CM also spoke to the director of industries and expressed his willingness to ensure that the factory is not closed down," he said.
The chief minister during his recent visit to Jamshedpur was approached by various labour unions and workers of Tayo Rolls limited with a representation that the government should save the families of thousands of employees and workers associated with the factory. Tata had acquired the Tayo Rolls almost a decade back and had been keenly managing its affairs till January this year.
Sources said that Tata steel released a package of Rs300 crore earlier this year to meet the requirement of pending salary payment of employees and workers but thereafter refused to invest more money. The factory has already applied with the Bureau of Industrial and Financial Reconstruction (BIFR) for rescue. The matter is yet to be heard by BIFR.
The factory also has a financial burden of around Rs200 crore in the form of electricity bills pending with the state electricity board.