The Telegraph
Since 1st March, 1999
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Business Briefs

Fresh trouble at HLL unit

Calcutta, Oct. 19: Labour trouble has again stopped work at the Garden Reach factory of Hindustan Lever Limited (HLL). Nearly 1,200 permanent workers stopped work today alleging “violation of terms of service and standing orders,” Hindustan Lever Sramik Karmachari Congress said in a statement. HLL management, however, refuted the allegation. A company spokesman said, “there was no violation of any agreement and permanent workmen were called upon to do some work inside the factory in a condition of exigency in the interest of the factory and the workmen themselves”. But the employees union said that the workers’ move to resort to cease work was because the management directed permanent workmen to do the job of contract labours. Work at the HLL plant had been affected since October 10 due to a bonus dispute between the contract labourers and their contractors.

Forex reserves

Calcutta, Oct. 19: India’s foreign exchange reserves continued to touch new highs and neared $ 64 billion during the week ended October 11 mainly due to fresh inflows and revaluation of the dollar vis-a-vis euro. Foreign exchange reserves rose by $ 673 million during the previous week at $ 63,932 million, according to the weekly statistical supplement issued by the Reserve Bank of India.

Nalco selloff

New Delhi, Oct. 19: Amid the ongoing controversies over sale of government equity in PSUs, disinvestment minister Arun Shourie warned that aluminium PSU Nalco would start incurring losses if its privatisation was delayed due to present conditions.

Ambanis feted

Mumbai, Oct. 19: Reliance Industries chairman Mukesh D. Ambani and vice chairman Anil D. Ambani have been conferred ‘The Entrepreneur of the Decade Award’ by the Bombay Management Association.

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