NOCIL EXITS FROM PVC, SHUTS DOWN THANE PLANT
Article Abstract:
National Organic Chemical Industries Limited (Nocil) has closed down its polyvinyl chloride (PVC) facility in Thane. It has exited from the loss making PVC business. It plans to sell its 30,000 tonnes per annum unit to a foreign buyer. It has received enquiries from Bangladesh and Kenya. Nocil is focusing on its polypropylene and polyethelene venture with Shell Chemicals and Montell Polyolefins. It has implemented a voluntary retirement scheme (VRS) for its 1,900 employees. Around 400 employees have opted for VRS which concluded in February 1999. The PVC unit was making losses due to severe price competition from IPCL and Reliance Industries. (rk)(m)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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GOVT MAY DIVEST 32% IN CMC TO FIs, PUBLIC
Article Abstract:
The Government of India has decided to reduce its stake by 32 percent in CMC Ltd (CMC). It has 84 percent stake and the rest is held by financial institutions (FIs), private companies and individuals. The Government is likely to divest its stake in favour of financial institutions or the public. It wanted the Government to divest through enhancement of equity, which would have netted more funds for expansion of its business. CMC Ltd will get Rs125 crore for capital investment in the Ninth Five- year Plan. (rk/kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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