Hira Ferro Alloys Ltd: Biomass Power Plant Fire Disrupts 9% of Revenue, but Insurance to Cover Losses

Author

Financial Analyst Intern

Publish Date12 August 2023

Reading time1 Min

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On August 4, 2023, a fire occurred at the 8MW Biomass Power Plant of Hira Ferro Alloys Limited in Village Belsonda, District Mahasmund, Chhattisgarh.
The fire was controlled, but generation of power at the plant is temporarily disrupted. The plant contributed to 9% of the revenue of Hira Ferro Alloys Limited in FY 2022-23.
The company is in the process of ascertaining the cause of the fire and the actual loss caused by it.
There is adequate insurance coverage for the plant and necessary intimation to the insurance company has already been made.
The company is taking necessary measures to prevent further damage and resume the operations of the plant at full capacity as soon as possible. There were no human injuries or casualties reported.