iPhone plant clashes in Karnataka: Wistron’s loss may be Rs 52 crore, not Rs 437 crore – Times of India
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BENGALURU: It looks like the loss Wistron suffered in the Saturday violence in its factory in Narasapura near Bengaluru is about an eighth of what was originally reported. But even the lower figure is substantial.
The Taiwanese manufacturer, which makes Apple iPhones and other products, has informed the Taiwan Stock Exchange that the violence did not cause any material damage to major manufacturing equipment and warehouses, and that the preliminary estimates of damages is in the range of 100 to 200 million New Taiwan Dollar (the local currency). That’s about Rs 52 crore.
It was reported on Monday, based on a complaint with the Kolar police station, that the quantum of damage was Rs 437 crore. It’s not clear if the company had initially overestimated the damage, or whether the police made a mistake in its report or the communication of it.
Wistron India MD Sudipto Gupta said he has nothing to say other than the stock exchange statement.
Karnataka labour minister Shivram Hebbar told TOI that the Rs 437 crore figure was reported by the company. “It was the company that filed an 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 may be the loss, the violence resorted to by the agitators cannot be tolerated or supported. It does not augur well for the state when it tries to attract fresh investment,” he said.
Gaurav Gupta, principal secretary in the industries department, said the government is not aware of the stock exchange filings by Wistron. “It appears that the revised losses may be more or less plausible after an in-depth survey of the damage to the properties by the company and the outsiders. The initial losses may have been a guesstimation based on which the FIR may have been lodged,” he said.
In its stock exchange filing, Wistron also said it is working with government authorities and police officials regarding the investigation of the incident, and is negotiating with Insurance companies.
The Taiwanese manufacturer, which makes Apple iPhones and other products, has informed the Taiwan Stock Exchange that the violence did not cause any material damage to major manufacturing equipment and warehouses, and that the preliminary estimates of damages is in the range of 100 to 200 million New Taiwan Dollar (the local currency). That’s about Rs 52 crore.
It was reported on Monday, based on a complaint with the Kolar police station, that the quantum of damage was Rs 437 crore. It’s not clear if the company had initially overestimated the damage, or whether the police made a mistake in its report or the communication of it.
Wistron India MD Sudipto Gupta said he has nothing to say other than the stock exchange statement.
Karnataka labour minister Shivram Hebbar told TOI that the Rs 437 crore figure was reported by the company. “It was the company that filed an 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 may be the loss, the violence resorted to by the agitators cannot be tolerated or supported. It does not augur well for the state when it tries to attract fresh investment,” he said.
Gaurav Gupta, principal secretary in the industries department, said the government is not aware of the stock exchange filings by Wistron. “It appears that the revised losses may be more or less plausible after an in-depth survey of the damage to the properties by the company and the outsiders. The initial losses may have been a guesstimation based on which the FIR may have been lodged,” he said.
In its stock exchange filing, Wistron also said it is working with government authorities and police officials regarding the investigation of the incident, and is negotiating with Insurance companies.
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