Innoventive Industries Ltd has informed BSE that Arihant Steel and Metal Wires Private Limited (ASMWPL), one of the 100% subsidiary Companies of Innoventive Industries Limited ("IIL") has decided to close down its current manufacturing operations permanently with effect from August 01, 2011. Broad reasons for discontinuing manufacturing operations are as below; Low Productivity. Declining production. Non-lucrative business. Weak future outlook. Further, ASMWPL may consider selling / disposing off its fixed assets after following required procedure in this behalf. ASMWPL's net turnover for last 3 financial years is as below; FY 2010-11 - Rs. 336.09 Lacs FY 2009-10 - Rs. 599.83 Lacs FY 2008-09 - Rs. 839.66 Lacs IIL's consolidated net turnover for FY 2010-11 stood at Rs. 70358.16 Lacs and ASMWPL contributes less than 0.50% of it.
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