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Jindal Poly Films' subsidiary hit by fire at Nashik plant; operations partially disrupted

Published on: May 22, 2025, 12:10 am

Source: CNBCTV18

Leading manufacturer of flexible packaging films, Jindal Poly Films Ltd, on Wednesday (May 21) said a fire broke out at the manufacturing plant of its material subsidiary, JPFL Films Private Limited, located at Mundhegaon in Nashik district, Maharashtra.





"JPFL Films Private Limited, a material subsidiary of Jindal Poly Films Limited, has informed the company today on May 21, 2025, at 3.53 p.m. that a fire accident took place at their plant situated at 28th Km Stone, Nashik Igatpuri Road NH-3, Village Mundhegaon, Taluka Igatpuri, Distt. Nashik, Maharashtra, India, since 01:00 A.M. (IST) today," according to a stock exchange filing.





The incident occurred at around 1:00 a.m. and has temporarily disrupted production operations at part of the facility. The company informed the stock exchanges that the exact cause of the fire is yet to be determined, and a detailed assessment of the damage is underway. JPFL Films has initiated the process of evaluating the actual loss resulting from the incident.





Also Read: Nashik chemical unit fire yet to be doused even after 24 hours





The company confirmed that the affected plant is adequately insured and the insurer has already been notified. The extent of financial loss or material damage will be communicated once the evaluation is complete.





In April this year, minority shareholders of Jindal Poly Films filed a class action suit with the National Company Law Tribunal (NCLT) alleging the siphoning off of funds to promoters, resulting in a staggering loss of approximately ₹2,000 crore to the company.





According to the complaint presented to the NCLT on Tuesday, April 9, between the fiscal years 2013 and 2017, Jindal Poly Films purportedly invested a sum of ₹700 crore into two associated entities, namely Jindal India Powertech Limited and Jindal India Thermal Power Ltd, through instruments such as Optionally Convertible Preference Shares (OCPS) and Redeemable Preference Shares (RPS).





Also Read: Jindal Poly transfers packaging films business to subsidiary





Shares of Jindal Poly Films Ltd ended at ₹699.30, down by ₹1.35, or 0.19%, on the BSE.

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