Tata Power Seeks ₹221 Crore Insurance for Trombay Plant Fire Losses

31 Oct 2024 , 12:47 AM

Tata Power filed a substantial insurance claim of around ₹221 Crore following a fire incident at its Trombay Plant’s Unit 5 on September 24, 2024. The fire caused extensive damage to the cable vault and control room, prompting the company to initiate an insurance claim process.

An initial advance of ₹50 Crore has already been provided by the insurer, with the remaining settlement contingent on the final damage assessment.

Tata Power stated that the financial impact of the fire is expected to be limited, primarily covered by insurance, excluding any policy deductibles. Restoration work is in progress, and the company has ensured minimal disruption to its production and services, affirming that its overall financial position remains stable.

The final settlement amount will be decided after a comprehensive damage evaluation, while additional costs related to business interruption depend on the repair timeline.