Meeting held in Bengaluru discusses reopening of
Bengaluru: Large and Medium Scale Industries Minister K.J. George had convened a meeting in Bengaluru yesterday to explore the revival of Mysuru-based defunct Falcon Tyres Limited. Mysuru District Minister G.T. Devegowda, Tourism Minister S.R. Mahesh, Departmental officials
The meeting discussed the rejuvenation of the company and contemplated several strategies 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
The meeting 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 the meeting discussed possibilities of raising the money through employee share and also mop up money through public offers, considering the profitability of
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.
Ministers and Employee Union representatives agreed to the suggestions put across the meeting and it was decided to hold another meeting with Chief Minister H.D. Kumaraswamy to take the process forward.