Ingersoll-Rand (India) to shut down plant

Ingersoll-Rand (India) Ltd has decided to offer voluntary separation scheme (VSS) to workers involved in the manufacturing of environment solutions products at its Chennai plant, the company said.

The company also plans to negotiate with the workers on termination of their service following its decision to discontinue manufacturing environment solutions products.

In a regulatory filing in BSE on Monday Ingersoll-Rand (India) said it has entered into a termination agreement with Ingersoll Rand Climate Solutions Private Ltd (IRCSPL).

Ingersoll-Rand (India) said it has decided to discontinue the operations at the company's plant here manufacturing environment solutions products on account of lack of future orders from IRCSPL.

The company declined to answer a list of questions sent by IANS as to the number of workers who will be terminated, the investment made in the plant that is planned to be disposed off and the loss incurred in the climate control business.

"In terms of the termination agreement, IRCSPL will reimburse the loss, expenses and taxes that may be suffered by the company up to the time all assets of the Chennai plant are sold and proceeds received by the company," Ingersoll-Rand (India) said in its BSE filing.