Aartech Solonics Confirms Receipt of Insurance Settlement After Mandideep Facility Fire
Aartech Solonics Limited has confirmed the receipt of a final insurance claim settlement amount following a fire incident that occurred at its manufacturing facility in Mandideep, Madhya Pradesh.The company reported the settlement received from Cholamandalam MS General Insurance Company Limited concerning the fire at the facility located at 35-A/36, Sector-B, Industrial Area, Mandideep, District Raisen - 462046, Madhya Pradesh.
The incident resulted in damage to plant and machinery, inventories, and other assets at the Mandideep Factory. Upon occurrence, the company immediately initiated containment measures and collaborated with the insurer, which appointed an independent surveyor to assess the loss.
Based on the final assessment and completion of necessary formalities, the company has accepted the settlement amount.
Financial Settlement Details
The financial assessment surrounding the incident is detailed as follows:| Particulars | Amount in Figures | Amount in Words |
|---|---|---|
| Actual Damage Assessed by Surveyor | ₹3,26,60,008 | Rupees Three Crore Twenty-Six Lakh Sixty Thousand and Eight Only |
| Loss Recognized and Booked by Company | ₹1,36,54,993 | Rupees One Crore Thirty-Six Lakh Fifty-Four Thousand Nine Hundred and Ninety-Three Only |
| Insurance Claim Amount Received (Final Settlement) | ₹1,84,55,527 | Rupees One Crore Eighty-Four Lakh Fifty-Five Thousand Five Hundred and Twenty-Seven Only |
Aartech Solonics confirmed that the receipt of the aforesaid insurance claim amount substantially mitigates the financial impact stemming from the fire incident.
In terms of operations, the company stated that necessary corrective and precautionary measures were undertaken immediately after the fire. Restoration activities were promptly initiated, and operations at the unit have been restored in a phased and timely manner. The company confirmed that it does not foresee any material adverse impact on its overall business operations, production activities, or financial position due to the incident.
AARTECH Stock Price Movement
Aartech Solonics Limited shares today slipped by 0.36% to settle at ₹44.65. The equity traded with a total volume of 53,138 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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