Reliance Industries has bought one of the largest petrochemical policies in the world with an insurance cover in excess of Rs 3 lakh crore for its refinery and petrochemical plants located at Jamnagar and Hazira in Gujarat.
The cover has been provided by New India Assurance and other co-insurers with support from GIC Re, which bears the bulk of the risk in this cover.
The Rs 3-lakh-crore policy is more than 33% higher than last year's cover for a little over Rs 2 lakh crore. The rise in sum insured follows the increase in refining capacity to 1.24 million barrels of oil per day.
