Tuesday, 19 February 2013

Essar Steel claims over INR 2000 crore insurance

Essar Steel is seeking court intervention to receive more than INR 2,000 crore in insurance claim for terrorist attack on its pipelines after New India Assurance Company turned down the claim saying naxalites are not terrorists by definition.

The metal maker controlled by the Ruia family has appealed to the Bombay High Court to appoint an arbitrator in its dispute with the state run New India Assurance Co Essar Steel said that its pumping station and slurry pipeline in Chitrakonda in Odisha were blown up by terrorists in March 2010 causing the company losses of about INR 2,080 crore.

The company said that "The pumping station and pipeline at Chitrakonda was blown off by an act of terror resulting in direct physical loss.

Sandip Ginodia
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