Bengaluru:  Chief Minister H.D. Kumaraswamy (HDK) has convened a meeting at his Official Residence, Krishna at Bengaluru this evening to explore the revival of Mysuru-based defunct Falcon Tyres Limited.

Mysuru District Minister G.T. Devegowda, Tourism Minister S.R. Mahesh, Departmental officials and Employees’ Union representatives are likely to take part in the meeting.

The meeting will discuss the rejuvenation of the company on how the company could be revived as over 2,500 employees are facing an uncertain future. The factory, established over four decades ago, was one of the largest two-wheeler tyres and tubes manufacturers in Asia.

It may be recalled that the meeting  chaired by Large and Medium Scale Industries  Minister K.J. George at Bengaluru on last Feb. 16 had  explored the possibility of establishing a Co-operative Society or Co-operative Union through employees of the factory.

There is a need of Rs.180 crore for the factory to be revived and this meeting was also discussed the possibilities of raising the money through employee share and also mop up money through public offers, considering the profitability of tyre companies and also looking at other tyre companies that are making profits.

This suggestion of shares and public offers was given by officials from Tata Consultancy Services (TCS) who were part of the meeting.   

Falcon employees can themselves establish a Co-op. Union that is supervised by the Government. The Union can collect funds with the active support of the Government and with the funds, production can start in the factory and even marketing activities can take place.