Financial Daily from THE HINDU group of publications
Thursday, Apr 29, 2004
Financial Daily from THE HINDU group of publications Thursday, Apr 29, 2004 |
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Corporate
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Sick Units Birla Corpn to close yarn unit Our Bureau
Kolkata , April 28 THE board of directors of Birla Corporation, an MP Birla Group outfit, on Wednesday decided to close synthetic yarn unit at Birlapur near here, and dispose of the assets, including the plant. The work at the unit was suspended on November 2, 1998, after employees struck work and during the intervening period there was no operation in the plant. The unit used to manufacture blended spinning yarn and fabrics. Some of the products were also exported. However, high cost of production because of old plant and low productivity, rising power and manpower cost as also sluggish market for the products had made the unit drag on the company's financials. Discussion with the workmen, according to management, had failed to bring about a breakthrough in productivity. The company had also sought certain tax relief from the State Government to make the unit viable. Meanwhile, the company posted a net profit of Rs 41.56 lakh shares for 2003-04 against Rs 4.19 crore in 2002-03. The board has recommended a dividend of Rs 1 per share of Rs 10 each.
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