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Ruia group acquires JJ Polymers
Monday, 24 November 2008, 15:40 IST
Kolkata: City-based Ruia group has acquired two-wheeler tube manufacturing company JJ Polymers as part of its capacity expansion plan, a top official said here Sunday.
The Mysore-based JJ Polymers earlier had a production capacity of 375,000 units a month. "Its capacity is being raised to 900,000 per month," group chairman Pawan Kumar Ruia told reporters.
He, however, refused to give the financial details of the deal.
Another group company Monotona Tyres, acquired by the Ruias in 2007, is producing 500,000 tubes per month.
With Falcon Tyres, acquired by the group in 2006, having a capacity of 350,000 tubes per month, the Ruias now have a two-wheeler making capacity of 1.7-1.8 million units per month.
"While there is a slump in demand for four-wheelers because of the economic slowdown, the two-three wheeler market is very buoyant," he said.
Ruia said the group's heavy engineering and infrastructure company Jessop and Co. is also going for rationalisation of staff at the non-worker level.
The company has come out with a voluntary retirement scheme for its 468 office staff. "Our target is to reduce the office staff strength by 200. So far, 100 have applied," he said.
The Ruias had acquired the sick Jessop in 2003 and turned it into a profit-making business
In view of the economic slowdown, the group's recently acquired UK-based company Schlegel Automotive Europe - manufacturer and assembler of sealing system components for the automotive industry - has asked the staff to remain off-duty for five working days in a month.
Source: IANS
Source: IANS