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India: ITW Signode net loss at Rs 26.44 cr (590).
Our Bureau
HYDERABAD, June 29
ITW Signode India Ltd, which has come under the management control of the US-based $ 5.6-billion Illinois Tool Works Inc. (ITW) last year, has incurred a net loss of Rs. 26.44 crores on an equity of Rs. 22.88 crores for the year ended March 31, 1999 as a result of stringent and prudent application of Generally Accepted Accounting Practices (GAAP).
The company has made a special provision of Rs. 28.6 crores towards doubtful debts, inventory obsolescence, restructuring and other measures to provide increased operational efficiency, according to the Managing Director, Mr. R.V.S. Ramakrishna.
However, he said, the …
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