Atlas shuts loss-making Malanpur facility

Atlas Cycles has shut its manufacturing facility at Malanpur in Madhya Pradesh as the unit continues to incur loses.
For a multitude of reasons, Malanpur unit has not been able to increase its production to a break-even point and continues to incur losses, Atlas Cycles (Haryana) Ltd said in a filing to the BSE.
The measures of revival of the unit has unfortunately not come through so far, it added.
"After consideration of above matter and detailed deliberations, the Board of Directors of the company has resolved to close the Malanpur unit and has also suspended the manufacturing activity of the said unit," the company said.

The territories being served by the said unit will be served by other two units and the suitable steps for earliest closure of the said unit are being taken, it added.
Besides Malanpur, the company has manufacturing units at Sonepat and Sahibabad.
Atlas Cycle shares closed at Rs 229.45 apiece on the BSE, down 6.46 per cent from its previous close.