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| Shanthi Gears resumes operations |
| BS Reporter / Chennai Jul 23, 2009, 01:11 IST |
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Coimbatore-based Shanthi Gears, which had declared lock-out in all its six plants, has resumed operation from today following normal situation, the company informed the Bombay Stock Exchange.
The company had declared lockout on July 20, 2009, to ensure safety of its properties and employees.
The Rs 253-crore industrial gears and machine tools manufacturer has six plants, which include a foundry division and a machine shop. It employs around 800 people.
According to sources, the company had terminated around 200 apprentice workers in the last six months since its order book had shrunk due to the economic slowdown. This had resulted in labour problems and a couple of days ago, there was an incident of stone throwing on its bus.
On Tuesday, workers of the company staged a demonstration in front of the Centre of Indian Trade Unions (CITU) office in Coimbatore urging the union not to interfere in the labour issues of the company.
The lockout came at a time when the company is planning to restructure its operation and its promoters led by P Subramanian is looking at selling their 44.7 per cent stake. The promoters have held talks with both domestic and international players including Suzlon-owned Hansen Transmissions, which makes gear box for wind turbines. However, according to reports, the talks have not yielded any results due to high valuation.
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