Furnace Inc seeks cut in power rates

Times News Network
Ludhiana: Facing a sudden slump in the market and rising cost of raw material, the furnace industry of Ludhiana has cut down production from this week. According to industrialists, overtime in factories has been stopped and there will be only eight-hour shifts till further notice. Businessmen are also urging the state government to help them cope with the situation by reducing rates of power temporarily.
Jagbir Singh Sokhi, chairman, Furnace and Allied Industries Association, said, “The rising cost of raw material has come at a time when we cannot hike rates for our customers. Therefore it was better to cut production and carry out only minimum activity in factories to retain workers. As per our market study, the slump will continue for one two months. The next few days will be very difficult for us.”
Sokhi also urged the state government to consider reducing rates of power for the furnace industry to help industrialists tide over the crisis. “We request chief minister Bhagwant Singh Mann to consider reducing rates of power for industry on temporary basis,” he said.