Fire at Silvassa plant not to hit Alok Industries hard

MUMBAI: Textile manufacturer, Alok Industries today said it does not expect a major impact on its overall operations because of the fire at the company's Silvassa plant last week.

The texturizing plant, with a capacity of 200 tonnes, was a stand alone unit, therefore, the operations of other units, such as spinning, weaving, knitting and partially oriented yarn would continue as before, the company informed BSE.

Alok Industries has insurance cover for building, plant and machinery as well as stock and a loss of profits policy, which would compensate for the loss of profits when the plant is being rebuilt, it said.

The operations from the rebuilt plant, work on which has already started, is expected to commence in the next 3-4 months, the company added.

Shares of the company were last trading at Rs 61.55, up 0.74 per cent on the BSE.