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This is an archive article published on November 25, 1999
BRC will be functional soon 8212; CMD
SURAT, Nov 24: About 4,500 employees of city-based Baroda Rayon Corporation Limited, the oldest company of the city and now in dire strai...
SURAT, Nov 24: About 4,500 employees of city-based Baroda Rayon Corporation Limited, the oldest company of the city and now in dire straits, were given yet another hope of a bright future, on Wednesday, when CMD S P Gaekwad, while addressing the company8217;s 40th annual general meeting, assured that the unit will be made functional by December end.
Faced with acute shortage of funds, the company has not been doing well, thus inviting widespread labour unrest by employees during the past few months. Employees held dharnas, protest rallies and made representations at all levels after the company failed to provide them salaries by the 20th of the month.
Gaekwad said during the meeting that the single agenda of the management was to revive the company and a capital letter of credit of 10 crore will be made available soon. While the Rayon plant will be revived first as many as half of the employees work here, the nylon tyre cord unit, the nylon unit and the POY polyester oriented yarn units will follow, he added.
The CMD also added that as part of the restructuring plan, the company planned to sell off Non-Performing Assets NPA like excess land from which it is expected to collect about Rs 7 crore. He further added that talks of selling the POY plant to Mumbai-based Maskara were in the final stages and is expected to fetch Rs 22 crore.
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