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Hindustan Motors To Submit Detailed Revival Package
ET reports that Hindustan Motors is to submit a detailed revival package for its closed Uttarpara plant, as instructed by the West Bengal government. "The management has been told to submit a revival package by June 19 and also how the company plans to clear the dues of workers," Labour Secretary Amol Roy Chowdhury
said after the tripartite meeting called by him.
The six trade unions of the plant were also present at the tripartite, representing the 2,400 workers who have not been paid for the last six months, save for a Rs. 7,000 advance after work was suspended at the plant. Hindustan Motors shut the plant because of a severe cash crunch owing to dismal sales of the famous Ambassador.
In a statement, HM said they have initiated ‘concrete steps' to deal with the stark current situation and that they plan to pay workers once funds from the sale of assets are realised. It added that the restructuring was necessary to evaluate all options and address the challenges like poor sales of the Ambassador and the constraints to restructure the organisation with this drop in sales.
HM has asked for a suitable time frame to restructure the company and drastically reduce its liabilities before deciding on its next steps, and will continue to engage with the government till such time, it said in the statement.
Picture credit: Wikimedia Commons - Tatiraju.rishabh
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