By IANS
Chennai : At a time when multinational car and electronic hardware companies are setting up production bases in Tamil Nadu, biscuit maker Britannia Industries Ltd has closed down its plant in Chennai.
According to its filing with the National Stock Exchange (NSE) Wednesday, the company had offered voluntary retirement scheme (VRS) to all its workers at Padi unit here.
The company, without specifying any numbers, has just said that a large majority of the workmen has accepted VRS and manufacturing operations have been suspended from April 7.
Vinita Bali, managing director, and Durgesh Mehta, chief financial officer (CFO) could not be contacted. A list of questions emailed to the company remained unacknowledged.
The Rs.22.95-billion revenue company declined to mention the size of the Padi plant, its ownership status – freehold or leased from the state government – and the plans for the sprawling plot.
Ambattur and Padi, once known as the industrial belt of Chennai, are now fast turning into a real estate belt with rising land prices.
The two areas are witnessing rapid growth of IT parks and upmarket residential projects.
Earlier, Britannia Industries’ Mumbai plant shut down due to labour problems.