25 February 1999: The Board for Industrial and Financial Reconstruction (BIFR) has nominated Industrial Credit Investment Corporation of India (ICICI) as the operative agency to formulate a revival pa…
25 February 1999: The Board for Industrial and Financial Reconstruction (BIFR) has nominated Industrial Credit Investment Corporation of India (ICICI) as the operative agency to formulate a revival package for the loss-making Gujarat Borosil Ltd (GBL). According to a recent report, the accumulated losses of Rs 394.5 million as of March 1998 have wiped out the net worth of the company of Rs 371.9 million. The unit, with plant and machinery valued at Rs 753.2 million, is still in operation. The operative agency is scheduled to draw up cost reduction measures to revive the company, which is involved in the manufacture of glass products.