Antony Waste shares in focus after fresh update on Waste-to-Energy plant incident

Shares of Antony Waste Handling Cell Ltd are in focus after the company confirmed that nine of its employees have lost their lives following a natural calamity at the landfill adjacent to the company's Waste-to-Energy plant. 

Operations at the plant have been temporarily suspended as a precautionary measure while a structural and safety assessment of the site is carried out, Antony Waste said on Monday.

"Municipal waste collection and transportation services remain unaffected. The company continues to cooperate fully with all concerned authorities and remains committed to providing all necessary support to the affected individuals and their families," the company said in an exchange filing.

The company had on June 9 informed stock exchanges about the incident at its Pimpri Chinchwad facility in Pune, Maharashtra. Based on the preliminary information available, a waste mound outside the facility, which had destabilized due to continuous and exceptionally heavy rainfall, collapsed during the afternoon and fell onto the administration building, resulting in the collapse of the structure. Prima facie, the incident appears to have been triggered by the unprecedented weather conditions that led to the destabilization of the waste mound, Antony Waste said on  June 9. 

On Monday, the company said the incident occurred after incessant rains caused thousands of tonnes of waste from a landfill located outside the facility to collapse onto the site, resulting in severe damage to the administrative building where 23 employees were present at that time, Antony Waste said. "Each of them is a member of the Antony Waste group, and this loss is felt across the organisation," the company said.

"The company's immediate priority is the people affected — the injured under medical care, and the families of those who have lost their lives. Every action the Company takes in the days ahead flows from that priority, beginning with reaching each family directly," Antony Waste said.

Antony Waste said financial assistance of Rs 25,00,000 will be provided to each bereaved family, comprising ex-gratia support from the company and benefits payable under applicable statutory welfare/insurance schemes and the company's group insurance policy. 

"Employment will be offered to an immediate family member of each deceased employee, where suitable. Further, the Company is committed to supporting the education of the minor children of each deceased employee and will meet their educational expenses," it said.