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Ludhiana Fastener Units Resume Operation After 4 Months of Breaks

Steel News - Published on Tue, 12 Nov 2019

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Economic Times reported that Ludhiana City’s ailing fastener industry has begun production again. Mr Narinder Bhamra, president of the Fastener Manufacturers Association India, said that “Plants of all the automotive manufacturers remained closed for months due to recession. As a fall out of this, city fastener industry, which is the largest supplier of fasteners and allied products to the automotive manufacturers, had to cut its production by almost up to 70% and we were also forced to reduce the labour and suffered losses worth several crores. Finally, after a gap of almost four months, a bit of movement has started in the automotive manufacturing sector as some companies have resumed their production by 8 per cent to 10 per cent.” He said though it was too little as compared to the volume of business required by them to breakeven, but they had no complaints as they had started getting orders. We are hopeful that the situation will improve in the coming days and by January the automotive manufacturers will start operating plants at 50 per cent of the total capacity.”

Mr Pankaj Aggarwal, a fastener manufacturer, said that from the past few months, we have been facing nightmare like situation as the automotive manufacturers reduced their purchase orders and later it was totally stopped and we had to shut down our plants. We were left with no option than to reduce our labour and cut down our production by huge percentage. Luckily, the auto sector has registered good sales in the festive season due to which some automotive manufacturers have resumed production.

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Posted By : Rabi Wangkhem on Tue, 12 Nov 2019
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