The COVID-19 pandemic continues to impact lives, livelihoods, economies, and businesses in a manner that was unimaginable, even a few decades ago. The important thing is to stay positive, evaluate the scenario in a calm and composed manner, so that on the other side we can emerge as winners. We are responding to the crisis in the best way we can and keeping a close watch on the impact of the contagion.
We have conducted a comprehensive assessment of possible COVID-19 impact on our business operations, financial assets, contractual obligations and overall liquidity position, based on the internal and external sources of information and application of reasonable estimates. We do not foresee any significant incremental risk to the recoverability of our assets or in meeting financial obligations in the foreseeable future, given early and required steps taken to contain, protect and mitigate the exposure.
IMPACT ON OUR BUSINESS
Under the supervision of our leadership team, we have set up a Business Continuity Task Force and proactively rolled out measures to ensure the health and safety of our employees and business partners. On March 22, we responded proactively and decided to halt all our operations at eight of our manufacturing facilities that span India, Bangladesh and Colombia, at our two R&D centres in India and Germany; and put all corporate offices under work from home, even before the lockdown was announced by the Hon’ble Prime Minister.
RELIEF MEASURES UNDERTAKEN
We are making our best efforts to ensure the safety and well-being of all our stakeholders. We were engaged in a host of social welfare work, setting aside a corpus of ` 100 crore for the relief efforts towards COVID-19, including a contribution of ` 50 crore to the PM CARES Fund.
We are ensuring that all our facilities are following safety guidelines issued by the Government of India and other state governments.