Autolite lost Rs 1.5cr worth property, assets in IOC fire

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Autolite lost Rs 1.5cr worth property, assets in IOC fire

Autolite, Manufacturer and supplier of halogen bulbs, is one of the companies affected severely by the Indian Oil Corporation fire. In an interview with CNBC-TV18, Adarsh Mahipal Gupta, Chief- Corp-Fin of Autoliite, spoke about the latest happenings in his company and sector.

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Autolite, manufacturer and supplier of halogen bulbs, is one of the companies affected severely by the Indian Oil Corporation fire. In an interview with CNBC-TV18, Adarsh Mahipal Gupta, Chief- Corp-Fin of Autoliite, spoke about the latest happenings in his company and sector.

Below is a verbatim transcript of the exclusive interview with Adarsh Mahipal Gupta on CNBC-TV18. Also watch the accompanying video.

Q: What is the extent of the damage and what exactly is the situation in terms of supplies to automobile majors?

A: The direct loss is somewhere around Rs 1.5 crore in terms of building stock, plant and machinery.

Q: All of it is halogen lamps?

A: Yes and this is an export-oriented unit as well as domestic. So it supplies to both export and does supply to domestic customers like Tata Motors, Mahindra, Swaraj Mazda and a lot of export customers as well. So all of them have been affected and since the past 12 days, we are not able to start the plant, we were not allowed to go to the plant itself.

Q: Since this number is big, how much of this is insured?

A: This will be loss in production of somewhere around Rs 2.5 crore maybe somewhere around Rs 2.3-2.5 crore as this is a loss of production because since the last 12 days we have not been able to use. For the next 20 days again the plant will be shut and we will be doing things to start the production. Till now the power has not been restored till date, so we can't do anything on the repair side also.

Q: How many manufacturers are there across the country for the Halogen lamps and is it possible that you lose a bit of a market until you are back on your feet?