Fine Organic Industries Limited has announced the full settlement of its insurance claim related to a fire incident at a plant adjacent to its manufacturing facility in Badlapur, Maharashtra. The settlement amount received from Tata AIG General Insurance Company Limited is INR 11,33,77,477 (approximately ₹11.34 crore). This resolves the company’s claim for property damage, inventory loss, and profit loss, and has been accepted as final.
Insurance Claim Closure
Fine Organic Industries Limited has officially concluded the settlement process for the insurance claim stemming from a fire incident that affected its manufacturing operations. The incident occurred at a plant adjoining the company’s main facility located in Badlapur (East), Maharashtra. The insurer, Tata AIG General Insurance Company Limited, has fully settled the claim for a total sum of INR 11,33,77,477 (Rupees Eleven Crores Thirty-Three Lakhs Seventy-Seven Thousand Four Hundred and Seventy-Seven Only).
Settlement Details
This settlement covers comprehensive damages, including property, inventory, and business interruption losses due to the fire. The company has confirmed that this settlement has been accepted as full and final, bringing closure to the financial implications of the incident. This update follows earlier intimations made on January 18, 2024, and November 28, 2024.
Operational Impact and Recovery
As previously disclosed, the fire was contained promptly, and while operations were temporarily disrupted, there was no loss of human life. The company had initiated steps to ensure the plant’s refunctioning. Subsequent to the initial disruption, Fine Organic Industries resumed its plant manufacturing activities, and the company has stated that there has been no material or significant adverse impact on its operations due to the incident.
Source: BSE
