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| Exchange Disseminated Time 09/05/2016 18:33:12 | ALSTOM India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 09, 2016, inter alia, has transacted following:
1. The Board has not recommended any dividend for the Financial Year 2015- 16 on the paid up equity share capital of the Company.
2. Over the last 2-3 years the capital investments in the power sector, particularly in Hydro & Thermal have slowed down. In addition several projects in Hydro and Thermal sector are stalled due to external factors blocking Company’s financial resources and creating large work in progress. All these have led to lower sales and revenue generation impacting Company’s financial performance over the last few quarters. In the overall business interests of the Company, it has been decided to right-size the scale of operations of the Company. This will lead to rationalizing the work force of the Company to match with the current backlog and operating levels.
This rationalization is being carried on as part of the ongoing steps taken by the Company to reduce the operating costs, improve the competitiveness and contain the operating losses. The cost of rationalization would be factored in the financials for the forthcoming quarters.
Such rationalization is not expected to disrupt or adversely affect the commercial production or operations of any unit or division of the Company. |
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