Carnation Industries

Carnation Industries Limited is a public company based in India that was engaged in manufacturing foundry-based engineering goods, specifically Castings, at its plants in West Bengal. Due to a severe financial crisis, the company has discontinued its manufacturing activities and is now looking to pivot its business model towards trading operations. The Board has approved a 'Turnaround Plan' to address its financial hardship, which was partially successful in realizing sale proceeds from asset disposals. A key part of this strategy is negotiating with creditors to achieve mutually agreed settlements, having already successfully settled dues with a majority of unsecured creditors. The company is also actively seeking fresh financial resources from financers and promoter directors to fund its future working capital needs for trading. As a positive step in its recovery, the company also put in efforts to process the ECGC claim on two overseas buyers.;