A series of controversies has dogged its copper plant in Tuticorin. But the company denies all allegations.
The company has flouted green norms at its plant in Tamil Nadu, a judge said.
The Madras high court has expressed displeasure over the manner in which the Central Bureau of Investigation (CBI) conducted the probe into the 2018 Tuticorin police firing against anti-Sterlite protestors in which 13 persons were killed.
UK-based Vedanta Resources is looking to start copper production at its Konkola copper mines (KCM) in Zambia and is eyeing to serve global and Indian markets, according to company executives. Promoted by billionaire Anil Agarwal, the miner in November 2023 regained control of the copper mines and smelter, which the Zambian administration had seized in 2019, but needed to pay creditors of the mines to revive operations. The conglomerate was locked in a legal battle over the ownership of the KCM mines prior to a September 2023 Zambia government decision to reinstate the group as owners of the mines.
The post-Covid pandemic boom in corporate revenues appeared to have faded away in 2023-24. Yet, companies have reported a sharp recovery in their profits in FY24, driven by high margins. Their combined net sales, including gross interest income for lenders, rose by a modest 4.8 per cent year-on-year (Y-o-Y) in FY24.
The maintenance work will include operations such as removal of remaining gypsum and leachate handling operations among others. Based on this, the district administration has now allowed the firm to maintain the plant after five years.
Anil Agarwal-led Vedanta's Sterlite Copper on Monday came out with an advertisement inviting expression of interest (EoI) for carrying out plant "restart activities" at its Thoothukudi unit in Tamil Nadu, that got closed more than five years ago following an order issued by the Tamil Nadu Pollution Control Board (TNPCB). The EoI for restart comes when the company is still awaiting the final judgement on the issue, and the court has only allowed it to do maintenance work. "We have initiated the upkeep and maintenance activities at the plant as allowed by the Supreme Court vide its order dated May 4, 2023, in coordination with the district authorities.
The unit was sealed by the state government in May 2018, days after 13 agitators were killed in police firing during a violent anti-Sterlite protest in the southern district.
As many as six merchant bankers are vying to handle and manage the sale of the government's 29.53 per cent residual stake in Hindustan Zinc Ltd (HZL), according to an official notice. ICICI Securities, SBI Capital Markets, HDFC Bank, IIFL Securities, Axis Capital and Citigroup Global Markets will make their presentations via video conferencing before the government officials on Friday, highlighting their plans in managing the offer for sale. The bankers to manage the sale process would be finalised after the presentation and opening of financial bids on August 12, as per the notice.
The new entrants comprise Asian Paints, Britannia, Titan, Nestl, Bajaj Finance and Bajaj Finserv.
'Vedanta', which will be the holding company for his Sterlite Industries, will be listed in the London Stock Exchange.
The mining ministry's inordinate delay in giving approval to group firm Hindustan Zinc to buy London-based Anglo American's zinc mines has forced the company to route it through Sterlite.
The Supreme Court on Friday stayed the order of the Madras high court directing Sterlite Industries to close down its copper smelting plant in Tuticorin, Tamil Nadu.
Countering Grupo Mexico's bid to acquire US-based bankrupt miner Asarco, Vedanta Resources group firm Sterlite Industries today said it has increased the cash component of its offer by about $500 million to nearly $2.1 billion.
V N Khare and S P Bharucha, both once Chief Justices of India, have been appointed to the arbitration panel to resolve the issue of sale of the government's residual 49 per cent stake in Bharat Aluminium Company to Sterlite Industries.
"That plant has a high cost of production and it is not feasible to operate it when aluminium prices have dropped significantly," said a company executive. It has started reducing output and full closure is expected soon. Aluminium prices fell to $1,251 a tonne on the London Metal Exchange from last July's all-time high of $3,271, as the global credit crunch and economic slowdown curbed demand for the base metal. On Wednesday, the metal's LME price was $1,421 a tonne.
The decision to call off the sale of 26 per cent equity, a process started eight months ago, was taken after three days of discussion at the Board of IFCI on the conditions spelt out by the successful bidder -- a consortium of Sterlite Industries and Morgan Stanley.
Sterlite Industries has emerged as the country's highest tax payer in the private sector with a payment of Rs 1,117 crore
A reception often reserved for rockstars came the way of mining mogul Anil Agarwal when he started revealing nuggets of his ascent from a scrap-metal dealer to one of India's most prominent self-made industrialists on social media. And now he has been flooded with booking writing proposals and has even been offered money for a biopic. In February this year, Agarwal, 68, started tweeting his journey from Bihar to Mumbai first and then to London to head a globally diversified natural resources company with interests in zinc-lead-silver, iron ore, steel, copper, aluminium, power, oil and gas.
With the privatisation of BPCL appearing inevitable, there are worries that the new promoter would soon move to lower wages.
Wipro and HCL Technologies among its top picks.
The benchmark S&P BSE Sensex fell for the third day and closed 56.57 points lower at 19,748.19, dragged down by metal, realty and bank stocks ahead of the RBI's policy review next week.
Smelter produces more than 300,000 tonnes a year to supply half of India's domestic copper needs.
Sterlite Industries India Ltd plans to restructure its copper & power transmission line/aluminium conductor business.
The Election Commission has come across instances of suspected violations of the Foreign Contribution Regulation Act by Congress and the Bharatiya Janata Party in their acceptance of donations from subsidiaries of multi-national firm Vedanta group.
SC overrules order to shut down Tuticorin plant but asks the company to pay up for ecological damage.
The Sterlite Copper Smelter unit in Tuticorin, which was shut down over two months ago, has resumed operations after the National Green Tribunal's expert panel gave a green signal.
The Securities and Exchange Board of India issued its guidelines, making it mandatory for the country's top 500 companies to offer the e-voting facility to its shareholders, after a large number of votes sent through the postal ballot route were found invalid.
Vedanta Resources has huge interests in India. The promoter and majority shareholder of Vedanta Resources, Anil Agarwal, also founded Sterlite Industries.
The recent Vedanta verdict is an aberration, not a trend, feels Nityanand Jayaraman.
Short selling, also known as shorting or going short, is the practice of selling assets, usually securities, that have been borrowed from a third party (usually a broker) with the intention of buying identical assets back at a later date to return to the lender.
The board of directors of Sterlite Industries India Ltd will meet on January 29, 2003 to consider a scheme of restructuring of the company's business including the copper division and the power transmission aluminium conductor division.
Asarco has filed a lawsuit against one time suitor Sterlite Industries for backing out of a $2.6 billion deal to take the US copper miner out of bankruptcy in 2008.
After one stop-work order on the Rs 54,000-crore Posco project, a four-member panel appointed by the Union ministry of environment and forests has dealt a body blow to yet another big-ticket investor in Orissa, the London-based Vedanta Resources Ltd.
Sterlite Industries, the flagship firm of London-listed Vedanta, may get the support of rival bidder Harbinger Capital Partners in its takeover plan for the bankrupt US copper mining firm, Asarco. Harbinger has decided to withdraw from the race, informing the bankruptcy court that its plan to restructure Asarco should not be considered.
Asarco's unsecured creditors will support Sterlite Industries, the flagship firm of London-listed Vedanta group, in the bidding war for the bankrupt US copper mining firm.
From a legal perspective, 2008 has been noteworthy for the corporate world as the Supreme Court cleared the environmental hurdles for three projects, which entailed investments in billions of dollars. On other hand, the apex court asked the Central Pollution Control Board to probe into the allegations made the Orissa against Paradeep Phosphates Ltd, which was also asked by the state to shut its factory for releasing hazardous pollutants.
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