Essar Oil loses Rs 302 cr insurance claim

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.

"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.