 "Essar Oil loses Rs 302 crore insurance claim")
Mumbai: Refiner Essar Oil said a tribunal had ruled against the company in a case relating to its Rs 302 crore insurance claim for damages sustained by its refinery during a cyclone in 1998.
[caption id=“attachment_227746” align=“alignleft” width=“380” caption=“The insurance policy of Essar was made by United India Insurance.”]  [/caption]
“The verdict has no impact on our business since the claim amount has never been accounted for in Essar Oil’s books,” the company said in a statement on Tuesday.
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Essar had drawn an insurance policy with state-run United India Insurance Co in 1996, the company said.
Reuters
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