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| Labour unrest hits Rico Auto; output down 30% |
| Press Trust of India / New Delhi Sep 22, 2009, 15:50 IST |
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Auto component maker Rico Auto Industries today said production in one of its plants in the National Capital Region has been affected by about 30 per cent due to labour unrest.
"Production has come down and currently we are producing about 70 per cent...But we are hopeful that within the next one or two days production will be 100 per cent," Rico Auto Industries Managing Director Arvind Kapur told PTI.
The workers have been adopting a "go slow" approach towards their work for the last 45-60 days, he added.
It is learnt that the workers at a facility in Gurgaon were putting up a host of demands, including wage hike.
Earlier in the day, the company informed the Bombay Stock Exchange that the management is hopeful of an amicable settlement very soon.
The company manufactures components such as fuel system parts, turbine housings, crank cases, cylinder head covers and cylinder blocks.
Rico Auto Industries had posted a total income of Rs 765.88 crore during 2008-09.
The shares of the company were last trading 4.48 per cent up at Rs 28 on the BSE.
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