Business Update3 Mar 2026, 06:20 pm
Advik Laboratories to Retrench Workers Amidst Business Diversification
AI Summary
Advik Laboratories Ltd, now MPS Pharmaa Limited, has approved the retrenchment of certain workers at its manufacturing facility in Sohna, Haryana. This decision comes as part of workforce rationalization aligned with the company's future business plans and operational requirements. The company is planning to commence new business operations in the manufacturing of Ayurvedic, Unani and Homeopathic medicines, drugs and Nutraceutical products. The retrenchment process is being carried out in compliance with the applicable provisions of The Industrial Relations Code, 2020 and other relevant labour laws.
Key Highlights
- Advik Laboratories has approved the retrenchment of certain workers
- This decision is part of workforce rationalization for future business plans
- The company is planning to commence new business operations in Ayurvedic, Unani and Homeopathic medicines
- The retrenchment process is being carried out in compliance with The Industrial Relations Code, 2020 and other relevant labour laws
- The company will require a new and specialized workforce for the new line of business activities