Maruti reopens Manesar plant amid heavy security

August 21, 2012

maruthi_reopen

Manesar, August 21: Maruti Suzuki India today reopened its Manesar plant amid heavy security, a month after a lockout was declared due to violence in which one senior company official was killed and 100 others injured.

Workers are standing in queue outside the factory gate to enter the plant amid heavy rains. Haryana Police has provided 500 personnel, out of which 200 are inside the plant and 300 in areas around the facility.

Besides, the company has also formed its own special force numbering 100, which includes ex-servicemen.

The company had earlier announced that only 300 permanent workers will resume work. Maruti Suzuki India Chief Operating Officer (Administration) S.Y. Siddiqui had said yesterday that the workers would operate just a single shift from 8 am to 4:30 pm.

Initially, about 150 cars are expected to be rolled out every day instead of the plant’s normal capacity of 1,500-1,700 units. The production will be gradually ramped up at the plant, which has an annual capacity of 5.5 lakh units.

The company had declared a lockout at Manesar plant on July 21 following the worst-ever violence in its history on July 18.

The plant suffered damages estimated to be less than Rs 10 crore, while the overall production loss during the lockout was pegged at around Rs 1,400 crore.

MSI has also decided to terminate the services of 500 permanent workers, who were allegedly found to be involved in violence inside the plant.

Besides, the company is also said to be planning to remove another 500 contract workers over their alleged role in the violence and arson.

Prior to the incident, the plant had an employee strength of 3,300, of which 1,528 were permanent.

To increase the workforce, the company will start fresh recruitment of permanent workers from September 2 and existing contract workers will also be considered for the same.


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Agencies
June 22,2020

Mumbai, Jun 22: After downgrading India's outlook to negative from stable, Fitch Ratings on Monday revised the outlook on nine Indian banks to negative.

The outlook on the Long-Term Issuer Default Ratings (IDR) was revised to negative from stable due to the banks' high dependence on the Centre to re-capitalise them.

Accordingly, the IDR outlook of the Export-Import Bank of India, the State Bank of India, the Bank of Baroda, the Bank of Baroda (New Zealand), the Bank of India, the Canara Bank, the Punjab National Bank, ICICI Bank and Axis Bank Ltd have been downgraded to negative.

"At the same time, Fitch has affirmed IDBI Bank Limited's (IDBI) IDR while maintaining the outlook at negative," Fitch said in a statement.

The rating actions follow Fitch's revision of the outlook on the 'BBB-' rating on India to negative from stable on June 18, due to the impact of the escalating coronavirus pandemic on India's economy.

"The IDRs for all the above Indian banks are support-driven and anchored to their respective SRFs," the statement said.

"They are based on Fitch's assessment of high to moderate probability of extraordinary state support for these banks, which takes into account our assessment of the sovereign's ability and propensity to provide extraordinary support."

According to the statement, the negative outlook on India's sovereign rating reflects an increasing strain on the state's ability to provide extraordinary support, due to the sovereign's limited fiscal space and the significant deterioration in fiscal metrics due to challenges from the COVID-19 pandemic.

"The rating action does not affect the banks' Viability Rating (VR). EXIM does not have a VR as its role as a policy bank makes an assessment of its standalone credit profile less meaningful."

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Agencies
May 17,2020

Tehran, May 17: As many as 310 Indian pilgrims departed from Tehran, Iran for New Delhi by Mahan Air on Saturday. The group hails from Ladakh and will later go home to Leh by special flights.

"A group of 310 Indian pilgrims, hailing from Ladakh, departed Tehran for New Delhi by Mahan Air tonight (16th May). 
Thereafter, they'll go home to Leh by special flights," Embassy of India in Iran wrote on Twitter.

On Saturday, Minister of Civil Aviation, Hardeep Singh Puri said that over 13,000 people have returned under the Vande Bharat repatriation mission till date.

"More than 13,000 people have already returned on various flights under Mission Vande Bharat so far. Today, 812 citizens have returned on Air India and AirIndia Express flights from Newark, London, Dubai and Abu Dhabi. More flights continue," Puri wrote on Twitter.

Vande Bharat Mission, which started on May 7 to bring back stranded Indian nationals back home from other countries, initiated its second phase of the operation from Saturday (May 16) by sending three Air India flights to Dubai and Abu Dhabi.

Under the second phase of Vande Bharat Mission a total of 149 flights, including feeder flights, will be operated to bring back Indians from 40 countries. 

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News Network
May 7,2020

New Delhi, May 7: Prime Minister Narendra Modi on Thursday hailed people leading the fight against coronavirus and said India is standing firmly with those facing difficult times during the pandemic, both in the country and abroad.

He also said India's development will always aid global growth.

Speaking at a global virtual Buddha Purnima event, Modi said, "People world over working selflessly for others in these difficult times are worthy of praise."

"India is standing strong and selflessly in these difficult times with those facing trouble in India or abroad. India's growth will always be aiding global growth," he said.

Buddha Purnima celebrations are being held virtually due to the COVID-19 pandemic.

The event is being organised in the honour of COVID-19 victims and frontline warriors.

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