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Update

Syngene's Bengaluru site damaged by fire

By Gareth MacDonald+

13-Dec-2016
Last updated on 14-Dec-2016 at 09:52 GMT2016-12-14T09:52:47Z

Fire at Syngene site (source Syngene)
Fire at Syngene site (source Syngene)

A fire has damaged a facility operated by Indian contractor, Syngene International. 

According to a Syngene  filing on the Bombay Stock Exchange (BSE), the fire at the site on the outskirts of Bengaluru started on Monday evening and lasted for three hours. 

Spokesman Sandeep Nair told us "We are in the process of assessing the extent of damage. Currently the site is shut down. There has been no injury or loss of life due to the fire."

He added that: "We are conducting an inquiry to find the exact cause of the fire.

Business impact

In its BSE statement Syngene said it "has implemented its Business Continuity Plan (BCP) to minimize impact on operations. Further, Syngene’s Industrial All Risk Insurance Policy will help minimize the financial impact on account of damage to assets and loss of profits."

According to Nair the impact on Syngene's business has not yet been determined, although disruption is likely.

He told us "Based on our assessment of the extent of damage and the likely time it will take to restore normal operation, we will decide appropriate course of action. At this point it is a bit too early to comment."

"There will be some interruption to the ongoing activities at this facility. However our efforts are to minimize the interruptions" Nair added.

None of Syngene's other facilities at the campus were damaged by the fire and that all continue to operate normally.

Syngene was set up by Biocon in 2010. In 2015 the company was spun-out into a standalone entity , raising $1.15bn (€1bn) in an IPO.

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