Owing to an unfavorable market situation, GE Power India would be closing down operations at its Maneja (Vadodara) manufacturing plant in Gujarat, effective 27th August 2018.
As per the regulatory filing, 95 percent of the workers at the facility have opted for Voluntary Retirement Scheme (VRS), which was initiated on 21st August and closed on the 25th of the same month.
The company stated in the filing, "Considering the current market situation, wherein the company is experiencing more capacity than market volumes and that majority of workers have accepted the VRS, it is not viable for the management to operate the factory and shall cease operations at the Maneja plant."
Reaffirming its commitment to the customers in the hydropower industry the company further added that it would continue as a key contributor to the domestic hydro market.
"The company will leverage its robust supply chain capabilities from within GE Group and in collaboration with suppliers to serve its customers," said GE Power India.
Besides the Vadodara manufacturing plant, GE Power India has engineering centers in Noida and Kolkata, boilers in Durgapur and coal mills in Shahabad.