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04. May 2008

India - Kesoram Industries suspends work at pipe, foundry unit

Kesoram Industries Ltd has suspended work at its spun pipes and foundries unit in West Bengal with immediate effect as it was incurring losses, a senior official said on Friday.

The unit has been suffering from daily low production, quality problems and high rejection, which led to a serious financial crisis, it said in a statement to the stock exchange.

"It was a small and a loss making unit and we have closed it," Director, S.K. Parikh said.

The annual turnover from the unit was 860 million rupees, he said. Kesoram Industries had a net sales of 22.04 billion rupees for the year to March 2007.

Shares in the company were trading 0.17 percent up at 372.50 rupees in a firm Mumbai market.

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