Lock-out causes Rs. 12 cr. loss for ITC's packaging unit

By Our Staff Reporter

CHENNAI, NOV. 23. The lock-out at the Chennai facility of ITC's packaging and printing division has caused a loss of Rs. 12 crores to the company thus far. The Tiruvottiyur unit has been under lockout since November 13. Of the total loss, nearly Rs. 8.3 crores was due to machinery loss. The balance was on account of orders loss.

Addressing a press conference here, Mr. R. Srinivasan, member of corporate and management committee, said the company was unable to execute overseas orders. Nearly, 70 per cent of production at the unit went to ITC's captive consumption. During, 2000, the division had executed overseas orders worth Rs. 35 crores. During the current year, till October, it had earned export revenue of Rs. 24 crores despite two months strike.

Nearly 305 workers, who were working in three shifts, have gone on strike. Mr. Srinivasan said the workers had placed a host of demand including revision of dearness allowance, improvement in basic wage and additional set of uniforms. He said the company had last signed the wage agreement in April 1995, which got expired in March 1999.

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Section  : Business
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