The Union Cabinet on Wednesday approved the closure of the Instrumentation Ltd's Kota unit in Rajasthan and the transfer of the company's Palakkad unit to the Kerala government, an official statement said.
"The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the closure of the company's Kota unit and transfer of its Palakkad unit to the government of Kerala," a Cabinet communique said.
The statement said the Cabinet approved an attractive Voluntary Retirement Scheme/ Voluntary Separation Scheme package at 2007 notional payscales to employees of the Kota Unit of Instrumentation Ltd., including payment of pending salary, statutory dues etc., which amounts to approximately Rs 438 crore.
--IANS
bc/tsb/vm
Disclaimer: No Business Standard Journalist was involved in creation of this content