An auspicious moment for IS&WP marking a new begining

With the company surmounting all legal impediments and BIFR related hurdles, the production facilities at the Indian Steel & Wire Products were reopened by the Honourable Chief Minister of Jharkhand, Mr Arjun Munda on January 2, 2004, in the presence of the Managing Director of Tata Steel, Mr B Muthuraman and other distinguished citizens of the steel city.

The reopening of an industrial unit after being closed for five years is unprecedented in the steel city and possibly the country. However, with the active support of the Chief Minister, the top management at Tata Steel, decided to attempt a revival, based on its assessment of the potential the unit offered.

At a ceremony attended by a large number of industry leaders, senior executives, Union office bearers and workers, Mr Munda restarted the production facilities by switching on the Wire Mill Plant and the Nut-Bolt Division of IS & WP. “The unit should now turn its back on the bad days and work towards becoming a world class company with new zest and vigour,” Mr Munda encouraged while expressing his pleasure at its reopening. “In 2004, my government will attempt to provide employment to more and more people and motivate the private sector to perform so that the state may earn more revenue,” he revealed. Mr Munda congratulated Tata Steel for having contributed Rs 11, 000 crores to the government’s revenue. He said now his government hopes to find a good promoter for the Indian Cable Company, which has also remained closed for several years.

Mr Arjun Munda and Mr B Muthuraman share the belief that a bright future is in store

“It is Mr Munda’s efforts which have made it possible to revive IS & WP,” the Managing Director, Mr B Muthuraman confirmed in his address. “The Vision that guides Tata Steel in its endeavour to revive IS & WP is to uplift its workers and encourage industrial progress in the state. The reason for its closure was not the workers but its management,” Mr Muthuraman stated.

The Tata Steel team, which is currently working to bring about the revival of the unit under the leadership of Mr Nimo Punwani and Mr Nandji Pandey, hopes to restart all its facilities in the next three to four months.