Kennametal India signs long-term settlement with workers union; Stock dips 1.5%

7 Mar 2022 , 02:14 PM

Kennametal India Limited’s (“KIL”) has informed that the management has signed a long-term settlement with the Kennametal India Employees Association (“Workers’ Union”) on March 4, 2022.

The Workers’ Union had earlier sent strike notice for non-fulfillment of Charter of Demands (“COD”). The Management and the Workers’ Union had negotiations in good faith, leading to a positive closure of the settlement. Consequently, the said strike notice was withdrawn by the Workers’ Union vide a letter dated March 4, 2022. This settlement is a positive step in the direction of strengthening their mutual relationship.

Speaking of the COD settlement, Vijaykrishnan Venkatesan, Managing Director of KIL mentioned that, “We have a longstanding positive relationship with the Workers’ Union, and I am confident that the conclusion of this agreement will further foster our collaboration towards a sustainable growth of KIL.”

At around 2:22 PM, Kennametal India was trading at Rs1,910 apiece down by Rs29.25 or 1.51% on Sensex.