Andhra Petrochemicals updates on plant shut down

Due to cyclone in Visakhapatnam

Andhra Petrochemicals announced about the additional information with regard to continuation of shut-down of the Plant due to recent cyclone at Visakhapatnam:

1. Extent of Damage caused: Cooling Tower was partially damaged and there are some damages to Compound Wall, Street Lights, Top Roof AC Sheets of various Plant Buildings, Instrumentation/Mechanical/Electrical Items, Laboratory Items, Computers, breakage of windows & doors glasses, false ceiling of office buildings etc. As a result of this recent cyclone, production loss would be around 150 MTs per day for the extended period of shut-down.

2. Value of Insurance cover: The Company has Insurance Coverage vide Policy dated 30 June 2014 with M/s New India Assurance Co., for a value of Rs. 335.29 crores valid upto June 29, 2015 with STFI & Earthquake addon covers with Reinstatement clause and Agreed Bank Clause.

 

3. Value of Assets Damaged - Preliminary Insurance Claim has been lodged for Rs. 4 crore.

4. Time required to restore normalcy - Three to four weeks to restore normalcy.

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