Indian Card Clothing Company has entered into a Memorandum of Understanding (MOU) on the 18 April, 2018, with its Labour Union for permanent discontinuation of the operations at its factory situated at Pimpri, Pune.
This mutual decision has been necessitated due to the continuous operational losses at the Pimpri factory for a period of last 4 to 5 years.
The Company shall, in accordance with the terms of the MOU, undertake to pay the dues to the unionised employees in full and final settlement. Necessary confirmation to this effect shall be promptly intimated to the Stock Exchanges.
There is no disruption, in the manufacturing operations at the Nalagarh factory of the Company.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)