VIZIANAGARAM: Doubts loom over the reopening of Ferro Alloys Corporation Ltd. (FACOR) in Garividi as the management reportedly prepares to lease the company to another firm in Vizianagaram district. Established in 1955, FACOR is one of India’s largest producers and exporters of ferroalloys, catering to countries like Korea, Japan, Italy, and the US. The company announced a 100% layoff on November 15, 2023, citing raw material shortages, increased electricity charges, withdrawal of government subsidies, and rising maintenance costs.
This decision left thousands jobless in Garividi and neighbouring mandals who depended on the factory.
The company, which once had a glorious past, has faced difficulties over the past 15 years due to market fluctuations and rising costs.
Despite employee protests demanding the revocation of the layoff, the management has reportedly been preparing to lease the company, holding meetings with permanent employees for final settlement.
Contract and outsourcing employees, numbering around 460, are now demanding government intervention to revoke the layoff and continue their jobs. “We will become jobless with the FACOR management’s decision.
The government should intervene and help us,” a contract employee told TNIE.