Company News: XPro India

Shareholders of XPro India have approved a proposal to sell/transfer or otherwise dispose of the company’s Pithampur (Madhya Pradesh) unit, subject to necessary approvals. “Production at the Pithampur unit has been “temporarily” suspended since July 2015 following inundation and consequent damage due to heavy rainfall and flash floods. The standing costs of the unit to that extent depress the positive results from units in operation. Insurance claims are partly settled. Besides, overhauling and upgrading the plant, consideration of other viable options have been kept open. The company has serviced market requirements of this unit’s products through its Barjora units,” the company said in its annual report for 2016-17. Shares of XPro India gained 3.8 per cent at ₹54.55 on the NSE.