No major collateral damage due to fire at US plant: Welspun Corp

MUMBAI: Shares of Welspun Corp were down on profit booking on reports of fire at the company’s US plant. The loss due to the fire was estimated at $1.5 million. According to Akhil Jindal, Director Welspun Group, no major collateral damage to major equipments and buildings.

“There was a small incident of fire in early hours of Saturday morning at Littlerock plant as one of the electric control panels caught fire. The US plant is fully insured,” Jindal told ET Now.

He added that the cause of fire at the US plant was still under investigation. The company is looking at re-starting the plant in 6 weeks.

The production has been hampered due to the incident and the company is trying to minimize losses. FY12 revenues from the US plant is $400 million.

Shares of Welspurn Corp were at Rs 113.90, down 1.98 percent on the BSE. It touched a high of Rs 117.10 and a low of Rs 111.05 in early trade.