Memorandum of settlement signed with all union's at Pulp & Fibre Units, Mavoor

Mumbai: The Management of Grasim today signed a Memorandum of Settlement with all Worker's Unions of its Pulp Unit and Fibre Unit situated at Mavoor, in the presence of Honourable Minister for Labour, Government of Kerala and Addl. Labour Commissiner, State of Kerala, for the closure of both of its units.

Operations at the Pulp and Fibre Units of Mavoor have been shut for the last two years. However, the company continued to pay employees during this period.

The settlement takes effect from the 30th June, 2001. The workers will be paid retrenchment compensation. The company will incur a one time cost of Rs 60 crores towards this compensation, besides other terminal benefits.

All the dues will be paid before the end of July 2001.