 "Shalimar Paints suspends work at Bengal unit")
It is learnt that the state unit had about 350 workers who are now being offered to move to the company's Nashik and Secundarabad plant.
“There was an unfortunate incident of fire at our Howrah factory in March 2014. Over the last 4 months, we have been making all efforts to resume operations and during this period we have supported our workers by paying full wages. However, with an indefinite delay in starting our plant, we are constrained to suspend operations. Keeping our workers’ interests foremost and to ensure job continuity, we have offered our workers and staff employment at our other plants and depots across India. Needless to say, Shalimar is committed to West Bengal and all our actions are in the direction of increasing our presence in the state” an official spokesperson for the company said in a statement.
Incidentally, in the recent past, multiple companies had to shut down operations in Bengal also. Hindustan Motors, maker of the iconic Ambassador car, had suspended work at its Uttarpara facility in May owing to shortage of funds and lack of demand, Engineering firm Jessop & Co, controlled by the Ruia group, had also announced suspension of work at its facility in Dum Dum, on the outskirts of this city recently.
Shalimar Paint Colour & Varnish Company was incorporated in India in 1902.
The company got listed in 1961. During 1963 the name of the company was changed to Shalimar Paints Limited and during 1989 the company was sold to Jhujhunwalas,& O.P Jindal Group, who jointly manage the business.The company has a wide range in decorative, architectural and industrial segments.
The architectural coatings cover both interior and exterior segments.
As of FY13, the company reported net profit of Rs 11.02 crore compared to Rs 14.46 crore in FY12.