The Tinplate Company of India Ltd (TCIL) has posted a 25 per cent increase in turnover at Rs 96 crore in the first four months of the current fiscal against Rs 76 crore in the corresponding period in 1995-96.
Speaking at the company's 78th AGM on Saturday (August 23), J J Irani, chairman of TCIL, said TCIL will undergo a financial restructuring programme.
The revival and other future plans would be discussed at a board meeting after the AGM, said Irani. However he ruled out any possibility of merger of TCIL with the Tata group flagship, Tata Steel. TCIL is reducing its manpower as part of the Tata group's manpower pruning programme. TCIL's executive strength has already come down from 610 to 570. The delay in commissioning of the CRM project has resulted in cost escalation. This has resulted in consequent financial burden with rising depreciation and interest charges.
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In 1996-97 TCIL's turnover went up to Rs 344 crore, the sale going up to 45,000 tonnes against 41,500 tonnes during 1995-96. The loss before tax was Rs 27.02 crore. During 1996-97 exports of tinplate amounted to 497 tonnes valued at Rs 1.25 crore and for CR products 8617 tonnes at Rs 15.13 crore.
Meanwhile, B L Raina will take over as managing director TCIL from the current financial year. Raina takes over from K K Mangal, who retires from the company this year. Prior to this, Raina was serving as director, international trade, in the Tata Iron & Steel Company Ltd.