LML declares lockout after strike
The lockout was declared at the Kanpur unit following an illegal strike by the workers.india Updated: Mar 09, 2006 12:14 IST
Two-wheeler maker LML has declared a lockout from Tuesday onwards due to an illegal strike by its workers at the Kanpur unit.
"Due to the illegal strike by the workers, the company has declared a lockout with effect from March 7," the company informed the Bombay Stock Exchange.
The factory employs around 2,000 people and rolls close to 500 two-wheelers in a day.
The strike comes at a time when the company had earlier informed the exchange that its production, sales and normal operations may be affected as it was trying to induct a strategic partner.
LML is currently in a restructuring mode. The company has been trying to overcome working capital problems for quite some time.
Earlier last week, a company official had admitted that production of its latest offering LML-CRD had not achieved full capacity due to liquidity issues.
While arrangements are underway to address this problem, LML is also looking for a foreign partner for possible technical and financial tie-up.
For the quarter ending on December 31, 2005, LML had reported a net loss of Rs 22.53 crore on a turnover of Rs 111.2 crore.