Technology

Wistron slashes estimate of losses from Kolar violence to Rs 26 crore-Rs 52 crore from Rs 437 crore

Updated : December 16, 2020 04:46 PM IST

Taiwan-headquartered Wistron Corporation on Wednesday has revised the estimate of losses from the violence at its manufacturing plant in Kolar to Rs 26 crore-Rs 52 crore. The company had in an FIR with local police claimed losses amounted to Rs 437 crore.

The Taiwanese company intimated the Taiwanese stock exchange on Tuesday that there was no material damage to its manufacturing equipment.

"Regarding the damage to our Narasapura facility in India, the company is assessing the extent of the damages in various areas of the facility’s campus. Unlike earlier reports stated, the violence did not cause any material damage to major manufacturing equipment and warehouses, with preliminary estimates of damages in the range of NTD 100 to 200 million," the company said.

Also read: Wistron violence: Top labour contracting firms spar over payment to workers

"Wistron is co-working with related government authorities and police

officials regarding investigation of this incident as well as negotiating with Insurance companies," the notification said.

Hundreds of contract workers at the facility had gone on a rampage early on December 12 sue to alleged delays in payments. Wistron executives had claimed that there was looting of iPhones during the violence and have said outside criminals were also involved apart from contract workers.

The local police has filed an FIR against 7,000 people, including 5,000 unnamed contract workers.

Wistron slashes estimate of losses from Kolar violence to Rs 26 crore-Rs 52 crore from Rs 437 crore

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