Gujarat Cypromet plant at Gujarat to commence production

Gujarat Cypromet Ltd has announced that the Company's non ferrous semis unit at Sanand, Gujarat, has been closed since Dec’2005 on account of labour disturbances and also shortages of operational funds.

The Company has been on-the lookout for a strategic investor for infusion of fresh funds in the Company, for operations as well as for the settlement of the dues of the secured lenders.

Accordingly, with an arrangement and agreement with M/s Macrocosm Iron & Steel, the new strategic Investor in the Company, the Company has commenced operations at the plant at Sanand, Gujarat, with the reconnection of power from the Gujarat Electricity Board (GEB / UGVCL), on September 01, 2006.

The plant is undergoing maintenance and overhaul for the past 8 days, and commercial production is expected to commence on September 12, 2006.

Source : Equity Bulls

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