Though the hub is still remaining on paper, the company headquartered at Walayar near here has already paid ₹58 crore as lease amount to the port trust. The lease is for 30 years and the company has to pay an additional of ₹60 lakh to the port trust every year as per the agreement. The project was dropped after Mr. Padmakumar was arrested in a corruption case by the Vigilance and Anti-Corruption Bureau (VACB). Making cement from MCL mandatory for all government related constructions in the State could help the company tide over the crisis, the committee said. The VACB has found that most of the 425 stockists and distributors of the company were giving preference to private brands because of the huge margins involved.

Source: The Hindu December 03, 2017 13:18 UTC