Hindalco Industries, an Aditya Birla Group company, has announced a lock out at its aluminium foil manufacturing plant at Silvassa in the Union Territory of Dadra and Nagar Haveli.
The company has been forced to declare a lock out due to a prolonged illegal strike by workers at the plant, said Hindalco in a statement on Wednesday. Hindalco does not expect any adverse impact on the company's financials due to the lock out. Set up in 1998, the 30,000-tonne a year aluminium foil and converted products plant has undergone major changes to increase value-addition with a rolling capacity of 9 to 100 micron thickness.
Hindalco supplies its products from Silvassa to pharmaceutical companies such as GlaxoSmithkline, Pfizer, Lupin, Aventis, Aristo, Macleods, Cadila and Torrent. The unit exports to over 11 countries across Europe, West Asia, South Asia, Australia and the Far East. Shares of Hindalco dipped to its 52-week low of Rs 99.85, but recovered to close with a gain of 0.44 per cent at Rs 102 on Wednesday.