Innoventive Industries (IIL) 100% subsidiary - Arihant Steel and Metal Wires (ASMWPL) has decided to close down its current manufacturing operations permanently with effect from August 01, 2011. The company has cited low productivity, declining production, non-lucrative business and weak future outlook as the broad reasons for discontinuing manufacturing operations. Further, ASMWPL may consider selling / disposing off its fixed assets after following required procedure.
ASMWPL had reported net turnover for last 3 financial years - the turnover for FY 2010-11 was Rs 3.36 crore, for FY 2009-10 it was Rs 5.99 crore and for FY 2008-09 the turnover was Rs 8.39 crore. IIL's consolidated net turnover for FY 2010-11 stood at Rs 703.58 crore and ASMWPL contributes less than 0.50% of it.
Innoventive Industries was incorporated for manufacturing of domestic appliances. It is a multiproduct company catering to applications in diverse sectors such as automobile, boiler and heat exchangers, energy, oil and general engineering. It specializes in processing various types of steel, faster development cycles, flexible production systems, effective supply chain management for efficient delivery and capability to make tubular transformations.
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