Syngene Receives Insurance Payout of 243.96 Crore for 2016 Fire Accident

Syngene International Limited has successfully received the final insurance payout for the fire incident that occurred on December 12, 2016. Initially reported to the stock exchanges on December 13, 2016, the fire caused significant damage to the company's assets.

The company recorded a loss of Rs. 105.70 crore due to the incident and recognized an equivalent insurance claim in its financial statements for the year 2019-20. The final approved insurance claim amounted to Rs. 243.96 crore.

As of May 31, 2024, Syngene had already received Rs. 236.76 crore. The remaining Rs. 7.2 crore was disbursed on June 24, 2024, marking the completion of the claim settlement process.This substantial insurance payout significantly supports Syngene in recovering from the financial impact of the 2016 fire, showcasing the company's resilience and effective risk management strategies.

Read the announcement here   

Syngene Fire accident in 2016 

In December 2016, a fire broke out at one of Syngene International Ltd.'s research facilities in Biocon Park, Bangalore. The fire alarm went off, and Syngene's Emergency Response Team quickly evacuated the building. The fire department was called, and they managed to control the fire. Thankfully, no one was injured or killed in the incident.

This affected only 10% of Syngene's total infrastructure at Biocon Park. The company is still investigating the cause of the fire and assessing the damage. They have put their Business Continuity Plan (BCP) into action to ensure their operations continue with minimal disruption. Additionally, Syngene's insurance policy will help cover the costs of the damage and any loss of profits.

All other facilities at the same campus were not affected and are operating normally.

Read the Full Press Release about the accident here.

Syngene International Limited 

Syngene International Limited is a leading contract research, development, and manufacturing organization (CRDMO) based in India. Since its inception in 1993, Syngene has grown to become a key partner for global pharmaceutical, biotechnology, and healthcare companies. It offers integrated services spanning drug discovery, development, and manufacturing, supported by a robust team of over 6000 scientists. Syngene is listed on the Indian stock exchanges and is known for its innovative approach, efficiency in scaling up projects, and strong focus on scientific and operational excellence.

Syngene's success lies in its dedication to high ethical standards, operational transparency, and client satisfaction. It has achieved regulatory approvals from global authorities and collaborates with industry leaders to advance therapeutic solutions for human and animal health.