Shares of Antony Waste Handling Cell are likely to remain under pressure on July 13 after nine workers were killed when a waste mound outside its PCMC Waste-to-Energy plant in Pune collapsed following continuous and exceptionally heavy rainfall last week.
The debris crashed onto the administration building, causing the structure to collapse. Fourteen other employees were rescued and are currently undergoing medical treatment and counselling.
According to the company, emergency response measures were initiated immediately after the incident. Personnel from the Fire Brigade, the National Disaster Response Force (NDRF), a squad of the Indian Army, senior officials of the company and the Pimpri Chinchwad Municipal Corporation (PCMC), disaster response teams and other emergency agencies reached the site.
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Antony Waste said it will bear all hospital, medical and counselling expenses for employees injured in the incident. The company will also cover funeral and last-rites expenses in accordance with each family's customs and wishes.
In addition, it will provide financial assistance of Rs 25 lakh to each bereaved family, comprising ex gratia support from the company along with benefits payable under applicable statutory welfare and insurance schemes, as well as its Group Insurance Policy.
The company said it will offer employment to an immediate family member of each deceased employee, wherever suitable. It has also committed to bearing the educational expenses of the minor children of every deceased employee.
Operations at the Waste-to-Energy plant have been temporarily suspended as a precautionary measure while a structural and safety assessment of the site is carried out. Municipal waste collection and transportation services remain unaffected. The company's assets and operations are adequately insured.
The financial impact of the incident is under assessment and will be intimated to the stock exchanges once ascertained, Antony Waste said.
“The company continues to cooperate fully with all concerned authorities and remains committed to providing all necessary support to the affected individuals and their families. We will keep the stock exchanges informed of any further material developments in this regard.”
Based on preliminary information, the company said the waste mound had become destabilised due to continuous and exceptionally heavy rainfall before collapsing onto the administration building. It said the incident appears, prima facie, to have been triggered by the unprecedented weather conditions, noting that the region had experienced continuous and exceptionally intense rainfall in the preceding period.
The company also said the plant was under a scheduled maintenance shutdown when the incident occurred, resulting in a limited number of operating personnel being present at the site, the company said in its previous disclosure.
