This comes at a time when the group's copper plant in Tamil Nadu remains shut for nearly three years, causing a Rs 5 crore loss every day.
But the company should take extra steps to prevent pollution.
The government order said it endorsed the recent closure direction of the Tamil Nadu Pollution Control Board, and also asked the TNPCB to "seal the unit and close the plant permanently".
Closure has meant loss of Rs 2,000 crore to the public exchequer; around three per cent of Tamil Nadu's Gross State Domestic Product is from the facility
The demerger of Vedanta's four new entities - Vedanta Aluminium Metal, Vedanta Oil & Gas, Vedanta Power, and Vedanta Iron & Steel - has led to a 16% appreciation in aggregated market capitalisation, with Vedanta Aluminium Metal identified as a likely near-term top performer due to its scale, low production costs, and favourable commodities cycle.
Tamil Nadu Governor R N Ravi stoked a fresh controversy on Thursday, remarking that the anti-Sterlite protests in the state in 2018 had been fuelled by foreign funds and was aimed at hindering progress. His comment instantaneously drew an outcry from the ruling Dravida Munnetra Kazhagam and its allies.
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.
The CM also announced compensation of Rs 10 lakh each for those killed during the protest and Rs 3 lakh each for the injured, government jobs for the family members of the deceased also announced.
Assembly Speaker M Appavu said leaders of the two AIADMK factions submitted him 6 letters, including 4 from Palaniswami, asking for separate seating arrangement in the Assembly for their respective members.
A series of controversies has dogged its copper plant in Tuticorin. But the company denies all allegations.
'The ministry of home affairs has all records of money coming in from abroad.' 'Are they saying money is coming in without their knowledge?' 'Does the governor doubt the MHA?'
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.
Adani group saw a 55 per cent profit surge in the fiscal year ended March 2024 as the apples-to-airport conglomerate is back on an expansion spree and eyeing a $90 billion capex over the next decade. Emerging from a damning report of a US short seller, which hit market value of its listed companies, Adani group in 2023-24 (April 2023 to March 2024) fiscal focused on containing debt, reducing founder share pledge and consolidating business in core competencies.
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.
When it closed close down the copper plant at Thoothukudi in 2013. Its orders were held illegal by the NGT on procedural grounds
Mass agitations are not particularly uncommon in India. But a mass agitation led by an environment-related issue that has gone out of hand is not something that can be easily recalled.
The land price collected for the said land allotment will be refunded.
According to industry experts, companies in sectors such as consumer durables (fans, air-conditioners), power cables and the electrical industry will be hit, given that they are big users of copper.
To mark the first anniversary of the Sterlite firing anniversary -- 13 people died and several were injured when the Tamil Nadu police fired on a large crowd protesting -- various organisations will hold rallies and meetings in the port city.
The environment ministry till May 2014 (still under UPA) ordered that cases like Vedanta's expansion plans need to consult people. But in December 2014, the NDA government reversed this position and in March 2015 the environment ministry extended Vedanta's environmental clearance till December 2018. This it did even while the question of the need for public hearing by projects in different kinds of industrial parks was being contested in the courts. This allowed the company to carry out construction.
The brand image, however, may not tarish further as it will have already taken the beating due to consistent injury
The company no longer sees the London listing as necessary to access capital and the deal will simplify Vedanta's corporate structure.
Kanimozhi told reporters that the Palaniswami-led government has become 'bloodthirsty' and the chief minister should be held responsible for the incident.
'If the BJP comes back to power, Sterlite will open in one week.' 'If the Congress comes to power, it will open in one month.'
Hindalco's first quarter (Q1FY23) results indicate healthy domestic volumes for aluminium and copper, and lower cost of production. Subsidiary Novelis saw weak volume trends but it managed to push operating profit margins on a better mix and pricing hikes. The weak global outlook on aluminium is a cause for ongoing concern.
Roadshows will be held in Singapore, Hong Kong, London, New York and Boston, NTPC gained close to 1%.
Villagers have been protesting against the Sterlite factory since February 12, with an effigy of Vedanta Chairman Anil Agarwal as the backdrop. More than 75 days hence, the dharna continues, the summer vacation seeing children joining the protest.
The Rs 3-trillion West Coast or Nanar refinery has all the potential to become India's flagship petrochemicals project, with the planet's largest oil producer Saudi Aramco as its biggest shareholder. Yet the locals don't see the plant as a harbinger of better times.
With a robust outlook for mineral-led growth in India, Anil Agarwal-led Vedanta Limited is looking to invest up to $20 billion across its businesses, which includes doubling of silver production and steel capacities. In a virtual press conference had last month, Agarwal said the company planned a capex of $5 billion over a period of three years. The company has not given a timeline for $20-billion investment.
What will the Centre and the Tamil Nadu government do to answer the queries and fears of investors who will want to be doubly sure they would not be harassed at a later date, as has been happening to Sterlite, should be interesting to watch, says N Sathiya Moorthy.
'It is my duty to give the govt the right price of crude oil.'
