Essar Oil Loses Rs 3020 Crore Insurance Claim

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[<p>Refiner Essar Oil said a tribunal had ruled against the company in a case relating to its Rs 3020 crore insurance claim for damages sustained by its refinery during a cyclone in 1998.<br><br>"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.<br><br>Essar had drawn an insurance policy with state-run United India Insurance Co in 1996, the company said.<br><br>(Reuters)</p>