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L.N. Revathy

Coimbatore, Dec. 29 Lakshmi Mills Company Ltd has informed Bombay Stock Exchange that due to recessionary trend in the market and the condition of the machinery in its Coimbatore unit, a voluntary retirement scheme has been effected and the unit has not been in production from December 18.

This information, though on expected lines, is a reflection of times, of the changing fortune of this renowned mill, which is marching towards its centenary.

Located in the heart of the city, the Pappanaikenpalayam unit of Lakshmi Mills, established in 1910, is a strategic landmark for people passing through the city. Quite a few even associate the city with the mill and the group’s symbolic logo of Goddess Lakshmi.

The mill operated two units in Coimbatore — at Singanullar (which has since become inoperative) and the other at Pappanaickenpalayam. With the second unit here also halting production, Lakshmi Mills’ operations in Coimbatore could become history.

It is learnt that when the management invited the workers for discussion and informed them about their inability to operate the unit a couple of days ago, there were about 280 workers. This number has since trickled to less than 50.

Sources said that about 170 took VRS, while about 35-40 opted to work at its Palladam plant and another 10 or more at its Kovilpatti unit. Management sources, however, said these numbers could be confirmed only after the December 31 deadline. With just a day left, it is learnt that the remaining workers are preparing themselves to take the VRS.

The production halt at its Coimbatore unit does not, however, mean the end as the mill would continue to operate its plants at Palladam and Kovilpatti.

More Stories on : Announcements | Manpower | Textile Machinery

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