December 15, 2020
Small-scale foundries in Coimbatore have decided to shut operations and launch an indefinite strike from Wednesday, unable to cope with the rising raw material costs.
The foundries were hit hard on two fronts – the lockdown and the steep hike in raw material prices which worsened the situation, according to A Sivashanmuga Kumar, president of Coimbatore Tiny and Small Foundry Owners Association (Cosmafan) .
He said they have orders for the next three months for which they are spending from the loans procured, courtesy the increase in raw material price.
The strike will see the participation of over 400 small-scale foundries that manufacture gear boxes and spare parts for pumps, wet grinders, compressors, textile and general engineering products. Four lakh workers and other industries like pump, textiles and automobiles are said to be affected by the strike