Panacea Biotec intimates of minor fire incident at subsidiary's Baddi facility

On 29 December 2020

Panacea Biotec announced that a minor fire incident took place on 29 December 2020 in a technical engineering floor in one of the air handling unit of the soft gelatin manufacturing block in the Pharmaceutical Formulations Facility of the Company's wholly owned subsidiary company Panacea Biotec Pharma (PBPL) at Baddi.

The fire incidence was brought under control with the help of the fire control systems installed in the plant and the fire control department of the State Government of Himachal Pradesh. There is no loss or injury to human life or damages of property due to this incidence except damages to some equipments and stocks which got wet due to water used in dousing the fire. PBPL has adequate insurance coverage for such loss and has informed the insurance company about this incident.

While there is no impact on the operations at this plant, however as a precautionary measure, PBPL has stopped the production in the said Soft Gelatin Manufacturing Block which is likely to resume in a weeks' time after the affected area is restored.

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