Following damage due to Hudhud cyclone
Southern Online Bio Technologies announced that the natural calamity Hudhud cyclone has occurred on 12 October 2014 which has effected the Company's biodiesel unit which is at Plot 45/A, APIIC SEZ, Atchutapuram, Visakhapatnam, Andhra Pradesh. Due to the said cyclone the unit has incurred losses tentatively of Rs 20 crore plus and the final estimation work is going on and is delayed due to no power supply and the losses are properly covered under Insurance. The damage incurred has already been intimated to Insurance Companies and the Lenders.Due to the above cyclone effect the unit is under shutdown. The management is taking all steps to restore the unit into production condition as soon as possible, till such time the unit production will be on halt and rest of the activity i.e. Biodiesel unit at Nalgonda and trading activity will go on.
Powered by Capital Market - Live News
