PSUs now competitive and profitable: Minister

Kerala’s Public Sector Undertakings (PSUs) have not only turned profitable over the last decade but have also become significantly more competitive, Industries Minister P. Rajeeve has said here on Tuesday.

Speaking at the inauguration of various projects at Kerala Minerals and Metals Limited (KMML), the Minister added that the majority of State PSUs are currently operating in the green.

‘A ₹731 crore modernization project will be launched at Kerala Paper Mills in Kottayam and the expansion of the Rubber Park will help to accommodate more private enterprises. The long-standing arrears and bonuses for PSU workers have been distributed in a timely manner. At KMML specifically, two major agreements were implemented over the last five years to address employee needs. Furthermore, various projects worth ₹20 crore were executed at the Kovilthottam Mineral Separation Unit to increase working days,” said and the Minister who also confirmed that 613 workers will be granted casual status.

He reminded employees that while wage hikes are being implemented, there is a collective responsibility to continue increasing the company’s overall revenue.
“The strategic vision for KMML involves positioning it as a cornerstone of the industrial corridor connecting the Vizhinjam and Kochi ports. The government has allocated ₹100 crore for corridor development, predicting that Kerala will emerge as a global hub for rare mineral production within the next 15 years,” he said. During the event, the Minister accepted a ₹4.64 crore dividend from KMML for the 2024-25 fiscal year on behalf of the State government and inaugurated new buildings for the KMML Employees Cooperative Society and the Titanium Employees Recreation Club.

Sujith Vijayanpillai, MLA, handed over the keys to a new ambulance, purchased for ₹7.9 lakh from the company’s Social Security Fund, to support palliative care at the Chavara Community Health Centre.

Additionally, a Memorandum of Understanding (MoU) was signed between KMML and the Rajiv Gandhi Centre for Biotechnology to establish a medical testing lab. The event was attended by KMML Managing Director P. Pradeep Kumar, Board for Public Sector Transformation (BPT) chairperson K. Ajith Kumar, and various union representatives and officials.