LML set to ink pact with auto major

THE LOHIA Machines Ltd (LML) is all set to enter into an agreement with an automobile major for resuming production at its Panki plant.Dialogue held with four companies reached the final stage, and if everything goes well, production will start at LML within the next four months.

THE LOHIA Machines Ltd (LML) is all set to enter into an agreement with an automobile major for resuming production at its Panki plant.

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Dialogue held with four companies reached the final stage, and if everything goes well, production will start at LML within the next four months.

According to senior officials, talks with four firms —- one Italian, one Chinese and two Indian companies – are at the final stage. Several rounds of high profile meetings have already been convened by the LML management with these companies. However, any final decision on selecting a partner is yet to be taken.

According to a senior official of LML, delay in reaching final settlement was due to some terms and conditions imposed by the four companies. However, the LML management felt that final agreement with one of the companies would inked within four months. A section of LML management also held the ongoing agitation by employees responsible for the delay in reaching any agreement on selection of a partner for running the plant and bailing the company out the present crisis.

LML General Manager KP Tripathi said that the company wanted to run the factory and final agreement would be worked out soon. He added: “The employees must keep patience and should not disclose the financial crisis of the company by launching an agitation.” Vice-president RK Srivastav also expressed similar views. “ All problems will be resolved soon and talks for selecting a partner are in final stages,” he said.