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Simbhaoli Sugars today said it has received $ 9.8 million (Rs 55.15 crore) as compensation in arbitration case for the loss of raw sugar due to capsized vessel near South Africa in 2009.
“In the London arbitration proceedings against the vessel owner, the company has negotiated the final settlement with the P&I club of vessel owner at $ 9.8 million (Rs 55.15 crore) inclusive of interest and costs and received the said amount as the compensation for the loss of 22,500 tonnes of raw sugar due to sank vessel MV loannis in July 2009 near to South Africa,” the company said in a filing to the BSE.
The company will, however, pursue the legal proceedings for the balance amount of claim filed with National Consumer Disputes Redressal Commission in New Delhi on the repudiation of insurance claim by cargo insurers in an arbitrary manner, it said.
New Delhi-based Simbhaoli has three sugar facilities in Uttar Pradesh, the country’s second-largest producer of the sweetener, with a production capacity of three lakh tonnes per annum.
It also has three alcohol distilleries, alongside sugar facilities with a combined capacity of 210 kilo litres of alcohol/ethanol per day.
The share of the company rose by 15 per cent to close at Rs 35.70 on the BSE today.
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