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Two more Murugappa Group companies announce suspension of operations due to COVID-19

Earlier on Monday, Coromandel International, Cholamandalam Financial Holdings and Tube Investments of India announced suspension of operations.

Two more Murugappa group companies in Tamil Nadu have announced suspension of operations amid the coronavirus pandemic. 

In a filing made to the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), Shanthi Gears, which has its registered office in Coimbatore said that the operations in its C&F units will be closed from 4.30 pm on Monday.

In a similar filing, another Murugappa group company Carborundum Universal Limited (CUMI), whose registered office is in Chennai stated that it was suspending operations in all its plants across the country with immediate effect. 

CUMI is engaged in manufacturing of abrasives, ceramics, refractories, etc, while Shanthi Gears makes gears, gearboxes, geared motors and gear assemblies.

“Also considering that our operations involve continuous processes at high temperature, as a safeguard measure, minimal essential staff required for safety and maintenance are being deployed in such locations after undertaking due health and hygiene precautions,” the filing by CUMI stated. 

Both the companies have also informed the stock exchanges that the duration of the lockdown is not foreseeable at this point in time and hence they will be taking appropriate action based on guidance from the government and authorities. 

Earlier on Monday, Coromandel International Limited, Cholamandalam Financial Holdings Limited and Tube Investments of India Limited had also announced suspension/lockdown of operations across their facilities in India due to COVID-19. 

On Sunday, Hyundai Motors India Limited had announced suspension of production at its Chennai plant in Sriperumbudur. In a statement released late on Sunday night, the company said that it will wait for further notifications from the government of Tamil Nadu to resume operations at the plant. 

Tamil Nadu, on Monday, announced a complete lockdown of all districts in the state till March 31, to prevent the spread of coronavirus. Chief Minister of Tamil Nadu Edappadi K Palaniswami also issued prohibitory orders under section 144 across the state effective from 6 pm on Tuesday. Only essential services like groceries, pharmacies etc will be allowed to function normally. Public transport systems, cabs and autos will be fully suspended during this period. 

Source: The News Minute