Outcome of board meeting of Morganite Crucible (India)

At meeting held on 17 October 2019

The Board of Morganite Crucible (India) at its meeting held on 17 October 2019 has recommended to transfer the business by way of shifting of plant and machineries from Mehsana, Gujarat Plant to Aurangabad, Maharashtra plant.

It was further discussed that the Company expects to start shifting of business activities of Mehsana plant from January, 2020 onwards and to complete the installation and commissioning of plant and machineries in Aurangabad by March, 2020. The Company has taken necessary steps about inventory management to meet the market demands during transition phase without any delay. The Company will be offering Mehsana employees and workers to join at Aurangabad plant after transfer of business however those who doesn't want to join, the suitable compensation shall be paid as per applicable statute.

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