Ingersoll-Rand (India) informs about Outcome of Board meeting

21 Sep 2015

Ingersoll-Rand (India) has informed that the Board of Directors of the Company at its meeting held on September 21, 2015, the Company has entered into a termination agreement with Ingersoll Rand Climate Solutions (‘IRCSPL’) and has decided to discontinue the operations at the Company’s plant at Chennai manufacturing environment solutions products on account of lack of future orders from IRCSPL. The Company will offer Voluntary Separation Scheme or negotiate with the workers on termination of their services. The Company will also pursue the disposal of the Chennai plant and related assets. In terms of the termination agreement, IRCSPL will reimburse the loss, expenses and taxes that may be suffered by the Company up to the time all assets of the Chennai Plant are sold and proceeds received by the Company.

The above information is a part of company’s filings submitted to BSE.

Related Ingersoll-Rand (India) Ltd. Links:

Ingersoll Rand Share Price

723.80 -5.60 (-0.77%) Apr 09, 18:01
1 Year Price Chart
Peers
Company Name CMP
Dynamatic Tech 1043.65
Elgi Equipments 201.00
Kirloskar Pneumatic 265.60
Ingersoll Rand 723.80
WPIL 604.40
View more..
Sensex vs Ingersoll Rand
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

Callback