SEVERAL THOUSAND CRORES and counting. That’s the feared business impact of Cyclone Michaung and the destruction it has left in its wake in Chennai, India’s fourth largest city and a crucial business centre.
As the cyclone made its way to Andhra Pradesh, 45 cm of rain lashed the coastal city over a span of 36 hours on December 3 and 4, flooding streets, knocking out power, internet and telecom connectivity.
The Tamil Nadu government has sought ₹7,033 crore as interim relief and ₹12,659 crore as longterm flood relief from the Centre. V. Vijayakumaran, Chairman of the Chennai Auto Ancillary Industrial Infrastructure Upgradation Company—in charge of maintenance of both the North and South Phases of Ambattur Industrial Estate—estimates a tentative impact of ₹2,000 crore because of the cyclone, though the exact loss will be known once all units resume operations.
This story is from the January 07, 2024 edition of Business Today India.
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This story is from the January 07, 2024 edition of Business Today India.
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