Laxmi Organic Industries Ltd clarifies on Lote facility

Laxmi Organic Industries Limited ("LOIL" or the "Company"), a leading Indian diversified chemicals producer, today affirmed that its Lote facility located at the Lote Parshuram Maharashtra Industrial Development Corporation (MIDC) zone, operates in compliance with applicable Indian environmental, safety, and regulatory requirements and has received all statutory approvals since inception. All process emissions and effluents are scientifically treated and appropriately disposed at a State Government approved facility. The Company confirms that there is no discharge of hazardous effluents in the environment from the Lote facility.

The Company categorically states that the recent media reports drawing comparisons between the Company's Lote operations and those of erstwhile Italian company Miteni S.p.A (Miteni) are inaccurate and misleading from perspectives of (i) effluent treatment and disposal practices, and (ii) product portfolio. The Miteni incident involved the direct discharge of wastewater into rivers over several decades, leading to significant environmental and health impacts. Such practices are not permissible under India's stringent regulatory framework, which mandates rigorous environmental clearances, continuous monitoring, and strict compliance standards.

The Company's Lote manufacturing facility operates closed-loop systems that prevents the release of any harmful substances into the environment. The hazardous waste and effluents are sent to a State Government approved common hazardous waste treatment storage disposal facility, where they are scientifically disposed, including incineration. The Company adheres to standardized procedures for hazardous waste management with full digital traceability, supported by advanced safety systems, high-capacity effluent treatment infrastructure, containment measures, and impervious flooring, ensuring strict regulatory compliance and prevent any harmful environmental impact.

The Company's Lote site is a multi-technology and a multi-product site encompassing fluorinated and non-fluorinated products. These products are essential for several new-age and existing industries like semiconductors, defence, power grids, electric vehicles, medical devices, electronics, agrochemicals, pharmaceuticals, etc. The Company would also like to emphasise that fluorinated products are produced in India and globally at scale in a responsible manner.

The Company remains steadfast in its commitment to transparency and continues to actively engage with all relevant stakeholders and government authorities.

Shares of Laxmi Organic Industries Limited was last trading in BSE at Rs. 167.70 as compared to the previous close of Rs. 170.85. The total number of shares traded during the day was 14314 in over 398 trades.

The stock hit an intraday high of Rs. 170.50 and intraday low of 167.05. The net turnover during the day was Rs. 2421780.00.

Source : Equity Bulls

Keywords

LaxmiOrganicIndustries INE576O01020 SpecialtyChemicals Clarification LoteFacility