Tac Plan To Cheer Up Petrochem, Oil Sectors

Indian petrochemicals and oil companies have cause to cheer despite the September 11 attacks on the US set to raise the cost of insurance cover renewals.

The tariff advisory committee (TAC) has come out with a special proposal for companies that fall under the petrochemical tariff, which allow them to be brought under the industrial all-risks (IAR) plan.

This cover, once approved by the TAC board, is seen as a major relief for petrochemical, oil and fertiliser companies whose risk covers come up for renewal from April onwards.