Sintex Plastics Technology expects a loss of Rs52.19cr due to a fire at the Sanaswadi plant

Sintex announced that insurance claim proceedings for provisional loss amount has been initiated.

May 07, 2021 05:05 IST India Infoline News Service

Sintex Industries
Sintex Plastics Technology on Friday said that the company expected a loss of Rs52.19cr due to a fire at the Sanaswadi plant. Further, the company announced that an insurance claim has been initiated based on the provisional loss amount and ascertainment of the final loss amount is in progress.

On March 10, 2021, the company intimated about a major fire break out and disruption of operations at Sanaswadi plant, Pune, Maharashtra of Sintex-BAPL Limited, the Wholly Owned Material Subsidiary of the Company.

Sintex in its regulatory filing today said that insurance claim proceedings for provisional loss amount has been initiated and it is expected that the insurance claim will be settled and the amount will be realized within the next 4 to 6 months time period.

Further, Sintex stated that due to several measures that have been taken to restore normalcy and resumption of operations at various affected divisions of the plant, all divisions except the injection moulding division have resumed operations. Resumption of Injection Moulding division is dependent upon availability of funds upon settlement of the claim with the insurance company.

On Sensex, Sintex Plastics closed at Rs3.26  per piece up 2.8%. 

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