Automotive parts manufacturer Lumax Auto Technologies has permanently closed manufacturing activities at one of its plant situated at A-8, MIDC, Waluj Industrial Area, Aurangabad, Maharashtra with effect from December 30, 2016.
This information was conveyed by the company in a Bombay Stock Exchange (BSE) filing. It further informed that the entire workforce affected by this closure have been paid appropriate compensation payable as per Industrial Dispute Act, 1947 along with other statutory dues.
This closure does not have any adverse effect on operations of the company. It does not, however, mentioned the reason behind the action and the company was not immediately available for any comment.
The company has two more manufacturing plants in Waluj, Aurangabad at W-28 and W-76. Apart from this, Lemax has six more plants across India at Himachal Pradesh, New Delhi, Bhosari and Chakan in Pune, and Narsapura in Bangalore.
Lumax Auto has reported its consolidated revenue for Q2 FY17 at Rs 273.97 crore as against Rs 230.76 crore in Q2 FY16 recording a growth of 18.73 percent year-on-year led by increased sale from its new product portfolio and better capacity utilisations. Its Profit after Tax (PAT) increased by 12.58 percent year on year to Rs 11.74 crore in Q2 FY17.