UPL Limited on Thursday responded to the clarification sought by the exchange about Tuesday’s Fire incident at Unit 5, Jhagadia in Gujarat. The company said there will be no material impact on revenues of the company due to the fire incident that took place on February 23, 2021, in one of the plants at the Jhagadia site, which was shut for its planned annual boiler inspection.
There are alternate sources available for the products that were manufactured in the said plant. The company is also currently working on requisite steps to resume operations at other plants located at the same site.
“As regards the damage, the company has been able to get access to the entire site yesterday and is in the process of ascertaining the extent of damage. We would like to further state that the company has adequate insurance in place to cover the damages at the plant,” company said.
The fire incident on Tuesday claimed two lives and injured 26. Five labourers are still missing, according to an earlier release from the company.
At around 10.54 am, UPL Ltd was trading at Rs581.25 per piece down by Rs11.2 or 1.89% from its previous closing of Rs592.45 per piece on the BSE.