Click to play videoNew Delhi: Corporate heads, both foreign and Indian, are extremely disturbed by the brutal murder of Graziano India's Chairman L K Chowdhary.
After angry reactions from industry heads and pressure from the party high command, Union Labour Minster Oscar Fernandez took a U-turn on the brutal death of the Graziano India's CEO.
"I was misunderstood. I offer my profound apologies to anyone who was hurt by my statement," he said.
The Italian management of the company flew in on Wednesday to take stock of the situation. It met L K Chowdhary's grieving family in Noida and the injured employees in the hospital.
Graziano India Buisness Development Director, R C Jain said, "Needless to say that we have commitment to our customers, we have commitment to our employees and we have commitment to our stakeholders. And we will uphhold our commitments."
Sources have told CNN-IBN that necessary repairs are being made in the plant which will probably re-open on Monday. Workers have also been told to be ready to report back to work next week.
Meanwhile, the Italian government has strongly condemned this incident and has asked for reassurance from the Centre and the UP government regarding the safety of its buisnesses.
With the TATA's facing problems at their Nano plant in Singur, this incident has led to a lot of concern amongst foreign players about investing in India.
"The newspapers are filled with headlines that would cause companies concern and when you look at that in reflection to the backdrop of the global financial turmoil, it causes companies to keep money in their pockets," says President of the US-India Business Council, Ron Somers.
Monday's violence has put a question mark on the future on foreign investments in the country.
Sources tell CNN-IBN that Graziano was to invest Rs 1,500 crore more in the next two years in India. The violence at its Greater Noida plant on Monday has not only put a question mark on the plant itself but also on the company's investment plans.
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