In order to reduce its wage bill and operating costs, component manufacturer Kinetic Engineering today announced voluntary retirement scheme for its workers at its manufacturing facility in Maharashtra.
In a filing to the Bombay Stock Exchange, the company informed about the VRS for its workers at its Ahmednagar manufacturing facility.
"VRS is expected to be beneficial to the company in the long run, in terms of reduction of its wage bill and operating overheads," the company said in the filing.
Kinetic Engineering, a part of the Firodia Group of companies, has made over 50,00,000 engines, complete vehicles, gearboxes, gears, shafts & auto related components and complete assemblies.
Kinetic has its 52 acre manufacturing facility located in Ahmednagar with over 800 employees and has the best equipment for auto and auto components manufacturing.
Shares of Kinetic Engineering settled at Rs 45, up 4.17 per cent on the BSE.
