Murugappa Group company Carborundum Universal in a statement said the company’s hydel power plant in Maniyar that generates power for captive consumption of its electrominerals division has been flooded and is currently not generating power.
The electrominerals division contributes up to 26% of the company’s standalone revenues, according to the statement. CUMI has a market capitalisation of over Rs 6.500 crore and shares of the company were down 0.83% on Thursday at Rs 348.50.
The statement also said that the employees working in the plant have been moved to safety and added that “the non-generation of power by the plant has so far not impacted the operations of facilities in Kerala which continue to be in operation.”
The company would be able to assess the extent of damage and the likely time to restore generation of power at the hydel facility only after the water recedes, it said.
It said that the facilities at Edapally, Koratty and Kakkanad are all safe and continue to be in operation.
