Heavy equipment manufacturing company and India's oldest engineering company Jessop & Company Limited, established in year 1788 has announced to get shut down for indefinite period. It was part of Ruia group of conglomerate, which also owns Dunlop India and Falcon Tyres as well as textile business.
Jessop & Co Limited was part of the team that built Parliament House during year 1921-27 in New Delhi. Jessops also is accredited to have built the first iron bridge in British India over River Gomti, popularly known as Loha-ka-Pul at Lucknow built during year 1815-1840. It was ordered by Nawab of Oudh. Jessop's has also built one steam locomotive, delivered to the Nawab of Oudh in the 19th century.
For the past few years the financial condition of company wasn't good and employees were not being being paid either, company's net worth eroded over the years and losses mounted into several hundred crores of rupees, as a public sector company.
Around 6000 employees' have become unemployed and their future are endangered due to all of a sudden shutting down of company on 15th May 2014.
The sudden shutdown of company has triggered a spat between the management of the private engineering unit and West Bengal state's labour minister Purnendu Bose. While Jessop says it was Bose's idea to shut down the plant, the minister accuses Jessop officials of "twisting" the resolution taken in the last meeting.
The company's main business was of manufacturing wagons, cranes, road construction equipment and engineering procurement construction services. Jessop used to manufacture railway coaches and wagons, cranes, road rollers and hydraulic equipment. It used to be the only company in Asia which has an integrated test facility for testing power roof support and Hydraulic items.
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