Coromandel International Limited finds itself at the receiving end of a significant penalty following an ammonia leakage incident near its Ennore plant premises. The Tamil Nadu Pollution Control Board (TNPCB) has directed the company to remit a substantial sum of ₹5.9 crore as environmental compensation.
The leakage occurred in the ammonia subsea pipeline near the shoreside, outside the company's plant premises.
The company in a filing informed, "Direction issued by TNPCB under Section 5 of the Environment Protection Act, 1986 to the Company to remit an amount of Rs.5,92,50,888/- (Rupees Five Crores Ninety-Two Lakhs Fifty Thousand Eight Hundred and Eighty-Eight only) as environmental compensation due to Ammonia gas leakage. The said compensation amount will be remitted by the Company 'under protest.'"
Despite the incident, the company asserted that there would be no material impact on its financials, with the Ennore unit's production contributing approximately 10% to the monthly production volume.
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