ZIL Ltd to close factory in Hyderabad
MG News | January 13, 2022 at 09:43 AM GMT+05:00
January 13, 2022 (MLN): The board of directors of ZIL Limited (ZIL), in a meeting, held on January 12, 2022, approved the closure of a factory located at Hyderabad as it faced operational difficulties due to housing society built in its surrounding area, the company’s filing on PSX showed today.
After reviewing the operation difficulties of an existing manufacturing facility, the board also decided to offer a voluntary separation scheme to factory staff while shifting all manufacturing operations to toll manufacturing through third-party arrangements.
It was also decided that consequent to the above decisions, the factory shall be disposed of in due course of time, after appropriate final approval by the shareholders in general meeting.
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