Financial Daily from THE HINDU group of publications
Thursday, Nov 17, 2005
Financial Daily from THE HINDU group of publications Thursday, Nov 17, 2005 |
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Corporate
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Trade & Labour Unions Mico's Nashik plant workers strike work Our Bureau
Bangalore , Nov. 16 THE workers at the Nashik plant of Mico (Motor Industries Ltd), which produces common rail injection system have struck work on the issue of wage revision. A company official told Business Line that the workers had gone on strike since November 14. The official did not give reasons for the strike call given out by the workers. There are around 3,000 workers at the Nashik factory. Along with Bangalore, the Nashik plant has been earmarked for Mico-Bosch's prestigious project, the common rail diesel injection system. A sum of around Rs 550 crore is being invested into the project. The first of the common rail injection system will roll out from these two factories by early 2007. The Nashik plant, which was set up in 1972, also makes various types of nozzles and delivery valves. In a notice to the Bombay Stock Exchange, Mico said the company's employees' union had, in a letter dated October 21, 2005, informed the management that they proposed to go on strike from November 14. Efforts are on resolve the strike through collective bargaining and with the help of the Government. Mico reported a 13.16 per cent drop in net profit to Rs 85.89 crore for the quarter ending September, 2005. Its total income, however rose 31.2 per cent to Rs 799.79 crore for the same period.
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