JTS PROVES HARD DRIVE FOR BANKS, FIs
Article Abstract:
JTS Technology Ltd (JTSTL) of Chennai located in the Madras Export Processing Zone (MEPZ) and promoted by JTS Corporation of the US has closed down its operations. It is engaged in manufacture of hard disk drives (HDD) for export. The directors nominated by the parent company and the chief executive have left India. The US Court of Bankruptcy has ruled that JTSTL be brought under Chapter VII for liquidation of the company. The Indian financial institutions had invested Rs100 crore in JTSTL. ICICI's exposure in JTSTL was Rs60 crore, Indian Bank Rs22 crore, Exim Bank Rs8 crore. Its sales increased from Rs91.78 crore in 1995-96 to Rs627.17 crore in 1996-97. Its sales slipped to Rs593.60 crore in 1997-98. JTSTL had a staff strength of 11,000 and it retrenched 8,000 workers and has declared a lockout on January 7, 1999. (rk)(m)
Comment:
JTS Technology Ltd (JTSTL) of Chennai located in the Madras Export Processing Zone (MEPZ) and promoted by JTS Corporation of the US has closed down its operations.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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ISL TO REVAMP BUSINESS
Article Abstract:
India Satcom Ltd (ISL) has decided to restructure its business and is also considering a change in equity pattern. ITI Ltd currently holds a 49 percent stake in the company while 40 percent is held by Equatorial Pacific International Co (EPIC) and 11 percent by Unit Trust of India (UTI). The restructuring envisages either EPIC increasing its stake, UTI divesting its share or there may be a new equity partner. ISL, which has decided to focus on providing wide area satellite-based networking solutions, is also thinking of providing network design, integration and implementation service for local area networks. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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