Financial Daily from THE HINDU group of publications
Wednesday, Dec 24, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 24, 2003 |
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Industry & Economy
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Bearings, Castings & Forgings Foundry units in Coimbatore withdraw strike G. Gurumurthy
Coimbatore , Dec. 23 CITY-BASED small foundry producers who were on strike since December 15, protesting against soaring raw material prices, withdrew their indefinite strike on Tuesday. This follows the assurances given by the Union Minister for Small Industries, Dr C.P. Thakur, to a delegation of the Coimbatore Tiny and Small Foundry Owners Association (COSMAFAN), which met him on Tuesday, association sources said. They told Business Line that the Union Minister had offered to examine the association's demands sympathetically. The COSMAFAN delegation was led by the Coimbatore Lok Sabha MP, Mr C.P. Radhakrishnan. Members of COSMAFAN went on an indefinite strike to highlight the spiralling input prices, including that of pig iron and coke used by the foundry industries. They were demanding, among other things, removal of import duty on pig iron, removal of the procedural hurdles in importing scrap irons and doing away with the anti-dumping duty against import of pig iron from China. According to the sources, the striking COSMAFAN-affiliated foundry men were also under pressure from other members of the industrial engineering fraternity, who were relying on the former for castings supplies. These major engineering component producers sourcing castings supplies who worried over the dislocation caused by the strike in getting the castings are said to have prevailed upon the small foundry men to withdraw the strike considering the Central Government's assurance. Almost all major engineering industries in the region observed a one-day token strike on Monday in sympathy with the striking COSMAFAN member-industries to highlight the issue.
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