INDIA: Coromandel Workers Plan Company Take-Over
Workers at struggling Coromandel Garments Ltd have appealed to the Indian Government's Board for Industrial and Financial Reconstruction (BIFR) to consider their bid to take over the business. A group of employees has formed the Tata Coromandel Garments Employees Co-operative Industrial Society Ltd (TCG-ECIS), and put together plans to rejuvenate the company and raise the necessary funds to carry out their plans. The group has also submitted a proposal to the operating agency, the Bank of Baroda, and has taken steps to register itself as a Workers Industrial Co-operative Society.
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