Marico shuts down commercially unviable plant in Goa

NEW DELHI: FMCG firm, Marico Ltd today said it is closing down its manufacturing plant at Ponda in Goa as the plant became commercially unviable.

"Management has decided to stop production at the plant and proposes to close the plant in due course for which initial preparatory steps are being taken," Marico Ltd Group CFO Milind Sarwate said in a BSE filing.

The company said decision to close the plant will have no significant bearing on its operations/performance.

Explaining the reason for closure of the plant, Sarwate said: "Due to input material supply and logistics dynamics that changed over the years, operations at the Goa plant became commercially unviable."

The company said it has offered a voluntary retirement scheme to workmen which they have accepted.

This factory was set up in 1997 for manufacturing and packaging of coconut oil.