Representative image | Photo: Shutterstock
GE Power India on Sunday said it will close down operations at its Maneja (Vadodara) manufacturing plant in Gujarat from tomorrow.
The company said 95 per cent of workmen at the facility have opted for the Voluntary Retirement Scheme (VRS), which was initiated on August 21 and closed on August 25.
"Around 95 per cent of workmen at the above factory have opted for the aforesaid scheme," GE Power India said in a regulatory filing.
Considering the current market situation, wherein the company is experiencing more capacity than market volumes and that majority of workers have accepted the VRS, it is not viable for the management to operate the factory and shall cease operations at the Maneja plant with effect from August 27, it added.
The company said it would continue as a key contributor to the domestic hydro market and reaffirmed its commitment to the customers in the hydropower industry.
"The company will leverage its robust supply chain capabilities from within GE Group and in collaboration with suppliers to serve its customers," GE Power India said.