Blasted chemical factory insured for more than $40 million

The chemical factory in the Indian state of Gujarat, where a boiler blast on June 3 killed eight workers and injured 50 others, is insured for more than 3.1 billion Indian rupees ($41 million), The Times of India reported citing sources. The factory owner Yashasvi Rasayan Pvt. Ltd. has an industrial all risk policy of INR 2.6 billion for property damage and INR 500 million for business interruption, with The New India Assurance Co. Ltd. being the lead insurer.

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