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IAG Company Ltd's board of directors on June 23 discussed the financial position of the company and observed that the net worth of the company has been completely eroded and has therefore decided to make an application to B1FR for declaring the company as a sick unit under the Sick Industrial Companies (Special Provisions) Act 1985.
L&T's Metallurgical and Material Handling Independent Company — part of its construction division — has bagged new orders valued Rs 1,610 crore. While a major chunk of the orders related to the Kalinga Nagar project of Tata Steel in Orissa, the other orders included that from Indiabulls Power Ltd for its Amravati and Nashik Thermal Power Projects (Phase-II) in Maharashtra worth Rs 240 crore.
MRF Ltd has lifted the lock out, declared at its Kottayam plant in Kerala with effect from June 22 due to labour unrest, with effect from 7 a.m. on Friday.
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