GE Power India said today that it will close its operations in its factory in Maneja (Vadodara) in Gujarat from tomorrow.
The company said that 95 percent of the workmen in the facility opted for the voluntary pension scheme (VRS), which started on August 21st and is closed on August 25th.
"About 95 percent of the workers in the above-mentioned factory have opted for the above scheme," GE Power India said in a registration application.
Taking into account the current market situation, in which the company experiences more capacity than market volumes and the majority of employees have accepted the VRS, it is not possible for the management to operate the factory and the activities at the factory in Maneja will start. August 27 will be discontinued, it added.
The company said it would continue to make an important contribution to the domestic hydro market and confirmed its commitment to customers in the hydropower sector.
"The company will use its robust supply chain capabilities from GE Group and in collaboration with suppliers to serve its customers," said GE Power India.
(This story is not edited by Business Standard staff and is automatically generated from a syndicated feed.)