Karnataka iPhone Plant Violence: Loss Incurred By Company May Be Rs 52 Crore, Not Rs 437 Crore

According to the recent development in the iPhone plant violence that took place on December 12, in the manufacturing unit of Taiwan-based Wistron Corp, the estimated loss the company incurred might be way less than what was reported earlier.

Reports earlier suggest the company suffered a loss of around ₹437 crores during the violence, including the destruction of office materials, company vehicles that were set ablaze, smartphones, and various products the unit manufactured, based on a complaint filed with the Kolar Police station.

However, the loss suffered is approximately 12 per cent of the said number. The Taiwanese manufacturer has informed the Taiwan Stock Exchange that the preliminary estimates of losses incurred are around ₹52 crores, Times of India reported.

No damage was caused to any major manufacturing equipment and warehouses, the manufacturer added.

In its stock exchange filing, the company also said it is negotiating with the insurance companies as well as working with the state government and the police to further investigate into the matter.

It is unclear whether the company overestimated the damages earlier or there was a genuine mistake in reporting. Speaking to the media, Wistron India MD, Sudipto Gupta said he had nothing more to say other than the official stock exchange statement.

Karnataka Labour Minister Shivram Hebbar said that irrespective of the loss, the violence cannot be overlooked, as it does not augur well for the state when it is trying to attract fresh investments.

Principal Secretary of Commerce and Industries, Gaurav Gupta said the government is not aware of the stock exchange filings by the company and the revised loss might be mentioned after an in-depth survey of the total damage.

Also Read: Karnataka iPhone Plant Violence: Contradictory To Complaints, Labour Officer Insists Workers Were Paid Regularly