Sunday, May 15, 2005
Sunday, May 15, 2005 |
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Staff Correspondent
DAVANGERE: The Mysore Kirloskar factory, which supplied defence equipment during the World War II, was auctioned for Rs. 70 crores to Shubachandi Housing Corporation, Kolkata, two days ago. Efforts at various levels to revive the factory, which was shut down four years ago, were unsuccessful and the Government had appointed a liquidator to auction the factory and settle debts and arrears of employees. About 60 persons reportedly participated in the auction. The factory, which was started in 1941, had around 1,500 employees at the time of closure. It had accumulated a debt of Rs. 60 crores.
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