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201427 May

HM-plant

HM's Uttarpara Plant in West Bengal

 

Beleaguered by low productivity, shortage of funds and lack of demand, Hindustan Motors (HM) has declared suspension of work at its Uttarpara plant in West Bengal. 



The notice sent across to the stock exchanges states, “the company has been transparent in sharing updates about the worsening conditions of the Uttarpara unit which includes very low productivity, growing indiscipline, critical shortage of funds, lack of demand for its core product - Ambassador cars and large accumulation of liabilities." 



It further adds, “given the circumstances, the company has no alternative but to suspend operation of its Uttarpara plant till further notice. The suspension of work will help restrict mounting liabilities, restructure its organisation and finances as well as bring in a situation conducive to reopening of the plant.”



Incidentally, the company’s Uttarpara plant, which employs close to 2,500 workers and managerial staff, had been bifurcated from the Chennai facility which was brought under Hindustan Motors Finance Corporation Ltd.

 

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