SOUTHERN ONLINE BIO TECHNOLOGIES LTD. - Intimation of losses due to HUDHUD Cyclone

Southern Online Bio Technologies Ltd has informed BSE that the natural calamity HUDHUD CYCLONE has occurred on October 12, 2014 which has effected the Companys biodiesel unit which is at Plot 45/A, APIIC SEZ, Atchutapuram, Visakhapatnam, Andhra Pradesh. Due to the said cyclone the unit has incurred losses tentatively of Rs 20 crores plus and the final estimation work is going on and is delayed due to no power supply and the losses are properly covered under Insurance. The damage incurred has already been intimated to Insurance Companies and the Lenders.<br/><br/>Due to the above cyclone effect the unit is under shutdown. The management is taking all steps to restore the unit into production condition as soon as possible, till such time the unit production will be on halt and rest of the activity i.e. Biodiesel unit at Nalgonda and trading activity will go on.