Syngene fire could cost co several crores; losses insured: MD

A massive fire broke out at Syngene facilty near Bengaluru last evening but in a relief no casualties were reported as the incident took place after office hours. But, the damage in terms of value will run into several crores, said company's MD, Kiran Mazumdar Shaw.Speaking to CNBC-TV18, Shaw said, the fire broke out in the upper floors of the company's building and it was fanned by the cyclonic winds, making the fire worse. Bengaluru is one of cyclone-affected areas.There was a delay in stabalising the situation and the fire went out of control resulting in gutted labs.Company's focus now is on business continuity and it expects minimnal business disruption. Syngene has a lot of buffer lab capacity which it will immediately move into. We want minimnal business disruption, said Shaw.She further said, there will be no impact on profit and loss (P&L) as the losses have been insured, said Shaw. Watch video for more...