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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.
Updated on: Feb 28, 2012, 15:49:48 IST
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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.
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