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GE Power to shut Gujarat plant from tomorrow

The company said it would continue as a key contributor to the domestic hydro market

Press Trust of India  |  New Delhi 

coal, power plant
Representative image | Photo: Shutterstock

on Sunday said it will close down operations at its Maneja (Vadodara) in from tomorrow.

The company said 95 per cent of workmen at the facility have opted for the Voluntary Retirement Scheme (VRS), which was initiated on August 21 and closed on August 25.

"Around 95 per cent of workmen at the above factory have opted for the aforesaid scheme," said in a regulatory filing.

Considering the current market situation, wherein the company is experiencing more capacity than market volumes and that majority of workers have accepted the VRS, it is not viable for the management to operate the factory and shall cease operations at the with effect from August 27, it added.

The company said it would continue as a key contributor to the domestic hydro market and reaffirmed its commitment to the customers in the hydropower industry.

"The company will leverage its robust supply chain capabilities from within and in collaboration with suppliers to serve its customers," said.

First Published: Sun, August 26 2018. 21:21 IST
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