Sajjan Jindal-led JSW group company Forma has shut down its operations within one year of its launch, according to a source.
Forma, operating in the steel furniture market, was launched last year by JSW Living in April.
The company’s MD Tarini Jindal Handa — daughter of steel magnate Sajjan Jindal — had announced plans of investing around Rs 250 crore over the next 5 years to become one of the top five readymade furniture brands in India.
“Forma operations have been shut as the business was not viable. CEO Bedraj Tripathy and other officials have been sacked,” the source in the know of the matter said requesting anonymity.
JSW Steel refused to comment over the matter.
Forma used to take steel from JSW Steel to make products and supply it to dealers.Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
- Radisson Hotel Group to add 30 operating hotels in India by 2023
- Service Tax + GST + AGR Dues = Cos Shut Operations
- JSW Paints sets sights on south, west India
- Can afford high premiums to secure control of iron ore supply: JSW’s Sajjan Jindal
- Nigeria is a natural hub for some of best minds on the planet – ARO Group boss
- No maximum limit set for ticket price on privately-operated trains: Railway Board chairman
- Lee Ellis leaves Cherry Pie restaurant group
- Tata Group, GIC and SSG to buy 44% in GMR Airports
- Validus Vietnam and Nafoods Group partner up to finance agriculture
- France’s Groupe ADP to buy 49% stake in GMR Airports for Rs 10,780 crore