Mr Rabindra Jena, MD of Balasore Alloys, one of India's leading ferroalloys manufacturing companies, has said that his company will eventually go ahead with its expansion plans, though he suggested that those plans may meet with a delay.
Mr Jena said “Neither we would resort to retrenchment nor shall we reduce our production despite adverse situation. Further, we would move ahead with our expansion project. However, there could be a delay of nearly 12 to 14 months." He said that this delay would be "owing to financial constraint since bankers are maintaining very conservative and cautious approach advancing loans.”
He pointed out that “While we engage nearly 3,000 people directly, about 1,000 trucks are engaged on a rotation basis at the mines. Hence any decision would prominently affect the livelihood of the dependent of the engaged.”
Under the expansion plan, the company will be undertaking the installation of a furnace and power plant of 200 MW, as well as linking the rail line to the plant site from Balasore station.
Mr Jena claimed that the current crisis is worse than that of the 30s, and added that keeping the plant running in such a tumultuous period is one of the biggest challenges for any management. "We have disbursed bonus of 20 per cent for every one aggregating to the tune of nearly INR 1.6 crore even in the deep crisis period during Durga Puja."
He said that “In industry, you can not always expect profit. If you are filled with thoughts of profit, then you are no longer an industrialist but a mere trader.” He asserted that Balasore Alloys would keep its commitment towards the local community and peripheral development despite the adverse situation, which is likely to prevail till last quarter of the calendar year.
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