Essar Oil loses Rs 302 crore insurance claim

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.

FP Archives|Dec 20, 2014, 06:43:33 IST

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.

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

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