The Bangalore-based NGEF Ltd, a loss-making public sector company, has closed down its semiconductor division. The company, which has been referred to the Board for Industrial and Financial Reconstruction, will need more such drastic actions if there is any chance of it revising.
The closure of the semiconductor division has rendered about 20 employees redundant. They are being accommodated in other divisions.
The company has already offered a voluntary retirement scheme to its employees. It has also been offering its transformers at steep discounts in order to keep the shop floor running.
The company also makes switchgear, rotating machinery and power electronics products.