Pune, Oct 7: The official liquidator appointed by the Bombay High Court has put the value of the assets of Garware Nylon Limited, Pimpri at Rs 34 crore. The plant, adjoining land at Pimpri, land at Ahmednagar and another property at Sarole on Pune-Satara Highway is under auction which is scheduled to be held on October 12.Garware Nylons closed on August 27, 1996 and the liquidation was finalised on December 18, 1998.
Employees of the Garware Nylon Limited (GNL) at Pimpri are worried over the prospects after the auction. Assets have been classified as separate assets and it is unlikely to be taken over by a single bidder. This leaves faint chances of restarting the company said, Ashok Potghan, president of the Garware Employees Union.
Potghan is hoping that the assets of the company be acquired by some corporate unit which would support the interests of the workers. The future of 1500 employees is at stake, Potghan said.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.