Published On : Mon, Aug 12th, 2013
Business News | By Nagpur Today Nagpur News

Facor Steels Nagpur restarts operations

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Nagpur News: Facor Steels restarts operations at its mini steel plant in Nagpur

Facor Steels has re-started operations and production at its mini steel plant located at MIDC Industrial Estate, Hingna, Road Nagpur from August 09, 2013 and phased wise consensus lock-out declared by the Company on January 07, 2013 has been lifted

With reference to the earlier announcement dated January 07, 2013 informing about consensus lock-out at the Company’s mini steel plant located at MIDC Industrial Estate, Hingna, Road Nagpur, Facor Steels Ltd has now informed BSE that the Company has re-started operations and production at its mini steel plant from August 09, 2013 and phased wise consensus lock-out declared by the Company on January 07, 2013 has been lifted.

The lock-out was declared by the Company due to economic reasons with the support of staff and workers of the Company as operating the plant at low order position was resulting into heavy losses for the Company.

Post lock-out the Company’s debt has been restructured under the CDR mechanism and its operations have been reorganized enabling the Company to restart operations/ production in its mini steel plant located in Nagpur, Maharashtra.Source : BSE