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The board of directors of Ingersoll-Rand (India) on Monday said the company has entered into a termination agreement with Ingersoll Rand Climate Solutions Private Ltd, following which it discontinue operations at its plant in Chennai, which manufactures environment solutions products. The decision was on account of lack of future orders from IRCSPL. The company will offer a voluntary separation scheme or negotiate with the workers on termination of their services. Ingersoll-Rand will also pursue the disposal of the Chennai plant and related assets. In terms of the agreement, IRCSPL will reimburse the loss, expenses and taxes that may be suffered by it up to the time all assets of the Chennai plant are sold. Shares of Ingersoll-Rand closed at ₹756.25, up 0.86 per cent on the NSE.
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