Essar Oil loses $615 million insurance claim | business | Hindustan Times
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Essar Oil loses $615 million insurance claim

Refiner Essar Oil said a tribunal had ruled against the company in a case relating to its 30.2 billion rupee ($615 million) insurance claim for damages sustained by its refinery during a cyclone in 1998.

business Updated: Feb 28, 2012 15:49 IST

Refiner Essar Oil said a tribunal had ruled against the company in a case relating to its 30.2 billion rupee ($615 million) insurance claim for damages sustained by its refinery during a cyclone in 1998.


"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.

Essar had drawn an insurance policy with state-run United India Insurance Co in 1996, the company said.