Amforge to remain shut for 17 days

Auto components manufacturer Amforge Industries, which employs more than 200 workers, has pulled down the shutters for 17 days.

The company, known for its products such as two-wheeler crank shafts, under brackets, transmission gears, steering knuckle, bevel gears and spindles, has decided to shut all operations at its Chinchwad plant between December 1 and 17.

The company, which also had a plant in Chakan that was later taken over by Mahindra Automotive, has been a known name in auto component business.

"There is an over all slowdown in the automotive market following which, we had to shut operations for 17 days. There are around 200 workers at our Chinchwad plant and they would be absorbed again once the unit becomes operational," a top company official said over the phone.

In the last financial year, the company has generated revenues worth Rs 53.23 crore (Rs 532.3 million), while it reported a net loss of Rs 2.23 crore (Rs 22.3 million) for the year ended March 31, 2008.