The Coimbatore-based Lakshmi Mills Company has informed the Bombay Stock Exchange that in view of the recessionary trend in the market and considering the condition of the machinery in its Coimbatore unit, a voluntary retirement scheme (VRS) has been given effect. Hence, the unit here stopped production since December 18.
The company, which was started in 1910, has units in Coimbatore, Kovilpatti and Palladam. The one in Coimbatore has 31,968 spindles and 114 looms. The installed capacity at the Palladam unit is 56,112 spindles and at Kovilpatti 62,928 spindles.
A company source told The Hindu that it was only shifting operations to Palladam and Kovilpatti from Coimbatore. The workers were given the option of shifting to the units in these two places or taking the VRS, which was open till the end of this month.
M. Arumugam, general secretary of the Coimbatore District Mill Workers’ Union, affiliated to the AITUC, said the unit here had 325 permanent workers. Of this, 125 had opted for the VRS and 45 opted to shift to the units in Palladam and Kovilpatti. “Our demand is to run the Coimbatore unit,” he said.
Thursday, January 01, 2009
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