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Thursday, March 13, 2008

IndianOil may wind up Korba facility

IndianOil may wind up the explosives-cartridge manufacturing facility of the merged IBP in 2008. The facility is located at Korba in Chhattisgarh.

According to sources, there is no such immediate plan for winding up the bulk explosives business and IOC is working out a fresh supply agreement with Coal India Ltd. However, the lacklustre demand scenario and non-remunerative prices have already forced the company to reduce the number of the bulk explosive manufacturing units - located at the consuming centres - from 14 to 11.

The Rs 141-crore explosive business of IBP slipped in the red in 2006-07. The business was acquired by IOC during the merger of IBP with itself in May 2007.

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Thursday, March 13, 2008

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