Companies

ITC to shut Wimco's Chennai unit

The operations of the Chennai plant of Wimco, which is mainly engaged in the manufacture of matches, might be closed down, ITC Chairman Y. C. Deveshwar said.

In reply to a query at a pressmeet, he said that the employees had already been separated through a voluntary retirement scheme. Pointing out that the unit had become unviable, he said “We can now utilise this land for, may be a food factory.”

The organised match-manufacturing industry is estimated at Rs. 300 crore between ITC (which markets the Mangaldeep brand) and Wimco, with the industry facing a excise-duty disadvantage, he said. The 81-year old Wimco with brands like Ship matches led the organised market in India.

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Printable version | Feb 22, 2021 8:44:17 PM | https://www.thehindu.com/business/companies/ITC-to-shut-Wimcos-Chennai-unit/article16207432.ece

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