 "Vedanta-Balco VRS elates real estate sector")
The Voluntary Retirement Scheme (VRS) announced by the crises-ridden Bharat Aluminium Company Limited (Balco) had come as a breather for the struggling real estate sector in Chhattisgarh’s Korba district.
The London-listed Vedenta’s subsidiary having major aluminium facility in Korba had applied for the closure of its fabrication division. The crises in the company had been cited as one of the reasons.
“The company announced VRS for the employees and received 411 applications for the same,” B K Sriwastwa, Balco’s corporate communication head, said.
Of the total applications, company granted voluntary retirement to 311 employees who had been engaged with the fabrication division as workmen. Balco disbursed Rs 50 crore for the VRS, Sriwastwa said.
“The company announced VRS for the employees and received 411 applications for the same,” B K Sriwastwa, Balco’s corporate communication head, said.
Of the total applications, company granted voluntary retirement to 311 employees who had been engaged with the fabrication division as workmen. Balco disbursed Rs 50 crore for the VRS, Sriwastwa said.
As the money flew into the market, the real estate sector that had recorded negative growth in last one year swung into action.
A couple of leading firms installed a make-shift camp in the Balco township to communicate and convince the VRS beneficiaries. A few builders had been distributing pamphlets, informing about the attractive schemes in the projects that had been spread across different places in the state.
A couple of leading firms installed a make-shift camp in the Balco township to communicate and convince the VRS beneficiaries. A few builders had been distributing pamphlets, informing about the attractive schemes in the projects that had been spread across different places in the state.
“Since a section of employees would not like to stay in Korba after retirement, the builders are coming out with the projects in their home town and metros,” Rajan Nair, a builder in Korba, said.
More than half the employees who had taken voluntary retirement did not own a house and they builders were eyeing them, he said, adding that many employees are showing interest to invest in the real estate sector to get a better return. The builders are anticipating that the crises in Balco would boost their business.
More than half the employees who had taken voluntary retirement did not own a house and they builders were eyeing them, he said, adding that many employees are showing interest to invest in the real estate sector to get a better return. The builders are anticipating that the crises in Balco would boost their business.
Following drop in the aluminium price at the international market, Balco had plunged into worst phase of crises with company deciding to shut down the units that had been running in loss.
