Hitech Corporation Ltd - Discontinuation Of Operations At Sitarganj Plant.

With reference to the above, this is to inform you that as part of strategy to rationalise the production facilities towards profitable products and optimise the cost, the operations at the manufacturing facility of the Company situated at Sitarganj (Uttarakhand) has been discontinued and shifted to some other manufacturing units of the Company with effect from October 16, 2020 due to reduction in offtake by some of the major customers of the Company. <BR> The said unit was having turnover of Rs. 39.5 crores constituting approximately 8% of total turnover of the Company for the financial year 2019-20 and was not contributing to the Net Worth of the Company for the last two years. <BR> This will lead to savings in overheads and administrative costs.<BR> None of the Promoters, Directors, Key Managerial Persons and/or their relative(s) are interested whether directly I indirectly in the aforesaid matter.<BR>