Reliance Industries' Patalganga plant has downed its shutters at its Patalganga complex due to heavy rains leading to flooding of a nearby river. The Patalganga complex has integrated facilities for PSF/ PFY and LAB. As reports indicate that there is no water logging at the plant work floor, the complex is expected to be re-opened within a day.
The Patalganaga plant is part of the RIL assets which, along with other assets at Jamnagar and Hazira, has insurance covers for a sum assured estimated at over Rs 60,000 crore. The cover which is done under the "megarisk" category has extensive reinsurance cover from General Insurance Corporation (GIC) and other reinsurers from London. For insuring the three plants in last November, the group has paid around Rs 120 crore, against Rs 160 crore paid during the previous year. New India Assurance, the largest domestic general insurance company along with other state owned insurers, have insured RIL assets. Availing better terms and conditions for the deal, Reliance Group had also managed to bring down the minimum waiting period for filing claims to 30 days from 45 days and has got wider business interruption cover.
29-Jul-05 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}