Economy

GE Power to shut Gujarat plant from tomorrow

Updated : August 27, 2018 06:59 AM IST

The company said 95 percent of workmen at the facility have opted for the a Voluntary Retirement Scheme (VRS), which was initiated on August 21 and closed on August 25.

The company said it would continue as a key contributor to the domestic hydro market and reaffirmed its commitment to the customers in the hydropower industry.

GE Power India today said it will close down operations at its Maneja (Vadodara) manufacturing plant in Gujarat from tomorrow.

The company said 95 percent of workmen at the facility have opted for the a Voluntary Retirement Scheme (VRS), which was initiated on August 21 and closed on August 25.

"Around 95 per cent of workmen at the above factory have opted for the aforesaid scheme," GE Power India said in a regulatory filing.

Considering the current market situation, wherein the company is experiencing more capacity than market volumes and that majority of workers have accepted the VRS, it is not viable for the management to operate the factory and shall cease operations at the Maneja plant with effect from August 27, it added.

The company said it would continue as a key contributor to the domestic hydro market and reaffirmed its commitment to the customers in the hydropower industry.

"The company will leverage its robust supply chain capabilities from within GE Group and in collaboration with suppliers to serve its customers," GE Power India said.

GE Power to shut Gujarat plant from tomorrow

You May Also Like

October GST collections may cross Rs 1 lakh crore mark

Closing Bell: Market slips over 1% led by metal stocks, Nifty below 11,800; RIL ends nearly 4% lower

Oil companies to start OTP-based LPG cylinder delivery from November 1: All you need to know

Trending on CNBC-TV18

recommended for you