Karnataka iPhone plant collides: Wistron loss could be Rs 52 crore, not Rs 437 crore

BENGALURU: It looks like the loss Wistron The violence suffered on Saturday at its factory in Narasapura near Bengaluru is about one eighth of what was originally reported. But even the lowest figure is substantial.
The Taiwanese manufacturer, which produces iPhones and other Apple products, informed the Taiwan Stock Exchange that the violence did not cause any material damage to major manufacturing equipment and warehouses, and that preliminary damage estimates range from 100 to 200 million Taiwan New Dollar (the local currency). It is about Rs 52 crore.
It was reported on Monday, based on a complaint to Kolar Police Station, that the quantum of damage was Rs 437 crore. It is unclear whether the company initially overestimated the damage, or whether the police made a mistake in reporting or reporting.

Wistron India MD Sudipto Gupta he said he has nothing more to say than the stock exchange announcement.
Karnataka Labor Minister Shivram Hebbar told TOI that the 437 crore figure was reported by the company. “It was the company that filed a FIR and it is only the company that can say why it filed a revised loss of $ 7 million or Rs 50 crore. But whatever the loss, the violence that the agitators resorted to did not. it can be tolerated or it doesn’t bode well for the state when trying to attract new investment, “he said.
Gaurav Gupta, chief secretary of the department of industries, said the government is not aware of the documents deposited on the stock exchange by Wistron. “It appears that the revised losses may be more or less plausible after a thorough investigation of property damage by the company and outsiders. The initial losses may have been an estimate by which the FIR may have been presented,” He he said.
In his stock exchange filing, Wistron also said he is working with government authorities and law enforcement officials regarding the investigation of the incident and is negotiating with insurance companies.

Source