Hikal drops after MPCB orders closure of its manufacturing unit in MIDC Taloja

25 Apr 2022 , 02:12 PM

The Taloja unit had contributed approx. Rs 260 crore amounting to around 15% of the turnover of the company for the FY2020-21. As per the press statement, ?the company is taking appropriate legal measures as advised by counsels before the Pollution Board as well as Courts to remedy the situation and seek reliefs against the closure directions.?

In February, Hikal said that the Bombay High Court has set aside the impugned order of closure issued by MPCB. The writ petition filed by the company was also disposed by the Bombay High Court. The MPCB had been directed by the High Court to grant fresh personal hearing to the company in the matter.

On 16 February 2022, Hikal had informed the exchanges about the receipt of a notice from the Maharashtra Pollution Control Board (MPCB) for closure of the firms manufacturing unit located at MIDC Taloja, Raigad. The closure notice was issued in view of certain alleged non-compliances of the conditional consent to operate and the recent Surat issue.

Hikal is engaged in the manufacturing of various chemical intermediates, specialty chemicals, active pharmaceutical ingredients (APIs) and contract research activities.

The companys consolidated net profit rose 12.21% to Rs 45.20 crore on a 9.66% increase in sales to Rs 506.62 crore in Q3 FY22 over Q3 FY21.

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