A decision to this effect was taken at a state cabinet meeting, state Chief Minister V S Achuthanandan said.
The company was in deep financial problem with the increase in the price of sulphur, the main raw material for its product titanium dioxide, company sources said.
The price of sulphur had touched Rs 29,500 per tonne from Rs 5,300 last year.
The company has stopped production for the last two months.
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Several austerity measures had also been introduced to minimise the over head expenses, the sources said.
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