The Supreme Court Thursday termed the COVID-19 situation as almost a "national emergency" while agreeing to hear Vedanta's plea for opening of its Sterlite copper unit at Tuticorin in Tamil Nadu on the ground that it would produce thousand tonnes of oxygen and give it free of cost to treat patients.
The top court said there should be no political bickering over the generation of oxygen by Vedanta as the country is facing a national crisis.
'This government is not in the hands of M K Stalin but in the hands of the bureaucracy -- the IAS and IPS.'
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.
Anil Agarwal-promoted Vedanta Resources on Tuesday said its acquisition of Konkola Copper Mines in Zambia is complete, making it the fifth largest producer of refined copper in the world.
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 growing demand for copper combined with a lack of new refining capacities could make India one of the largest copper importers in the world, experts said.
Sterlite Industries India Ltd plans to restructure its copper & power transmission line/aluminium conductor business.
When it closed close down the copper plant at Thoothukudi in 2013. Its orders were held illegal by the NGT on procedural grounds
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.
The takeover battle for United States copper miner Asarco continues to rage, as its estranged parent Grupo Mexico has offered $1.3 billion to counter Sterlite Industries' offer for the second time.
Sterlite's revised offer to acquire Asarco may see fresh rival bids as the valuation of the bankrupt US copper miner fell in line with the commodity prices.
Sterlite Industries, the flagship firm of London-listed Vedanta Resources, may consider legal action if the bankruptcy court favours Grupo Mexico's counter-offer of $4.1 billion for Asarco, the US copper mining giant. Sterlite's takeover bid for Asarco hit a bump when a judge of a bankruptcy court in Texas signalled on Friday that he might give Grupo Mexico, Asarco's estranged corporate parent, a last chance to resume control of its US subsidiary.
Anil Agarwal-controlled Sterlite Industries has got a leg-up in its takeover battle for bankrupt copper miner Asarco in the United States. A district court in Texas has allowed Sterlite to argue for its amended bid of $2.56 billion, which was earlier rejected by a lower court.
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.
Sterlite Industries, India's largest copper producer, has raised $1.5 billion (Rs 7,305 crore) through American Depository Shares (ADS), the largest US share sale from India in two years, to develop its power generation business and fund acquisitions.
A Ganesh Nadar/Rediff.com meets the families of those killed in the police firing on Sterlite protestors in Thoothukudi, and finds a similar tale running through their lives.
A series of controversies has dogged its copper plant in Tuticorin. But the company denies all allegations.
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.
Though the verdict of the bankruptcy court needs final approval from the district court, something that Sterlite is banking on, legal experts said that step was just a formality and nothing more. In its ruling filed late Monday, Judge Richard S Schmidt of the bankruptcy court at Corpus Christi in Texas recommended the district court judge to confirm the Grupo Mexico's plan and reject Asarco's own plan, which is sponsored by the Vedanta group company.
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.
'Vedanta', which will be the holding company for his Sterlite Industries, will be listed in the London Stock Exchange.
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.
The first bench of Chief Justice Sanjib Banerjee and Justice T S Sivagnanam of the Madras High Court also orally observed that firing upon the innocent public was a scar on Indian democracy and it should not be forgotten.
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.
SC overrules order to shut down Tuticorin plant but asks the company to pay up for ecological damage.
Just when everyone wrote him off for his bid for bankrupt mining company Asarco, Vedanta Resources Chairman Anil Agarwal is back with a vengeance.Sterlite Industries, the Vedanta group's flagship, has raised its offer price by a fifth to $2.56 billion to acquire the US copper miner in an all-cash deal -- its third bid in two years. The company on Friday said the modified takeover plan had been submitted to the district court in Texas.
Sterlite Industies (India) on Saturday inked a definitive agreement to acquire the operating assets of Tucson-based Asarco LLC for $2.6 billion in cash, the largest buying abroad by an Indian company this year.Asarco, formerly known as American Smelting and Refining Company, is an over 100-year old company and is currently the third largest copper producer in the US.
Vedanta Resources has huge interests in India. The promoter and majority shareholder of Vedanta Resources, Anil Agarwal, also founded Sterlite Industries.
The actor also said that the Centre will face TN wrath if it fails to set up CMB.
PM's Massive Mission to achieve 'Swachh Bharat' by 2019 is a tribute to Mahatma Gandhi on his 150th birth anniversary.
'I expect normalcy to return in one or two days,' says Tuticorin's new Collector Sandeep Nandur.
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.
'They should have spoken to the Sterlite protestors when they were sitting in the villages. They should not have waited for them to come to Tuticorin.' What started off as a lone village grumbling about ground water pollution on Tuesday turned into a battlefield. What thus started off as a lone village grumbling about ground water pollution on Tuesday finally turned into a battle field. A Ganesh Nadar reports.
The case has been registered against unidentified officials of police and revenue department on the basis of a complaint from K Arjunan, district secretary, Communist Party of India-Marxist.
The NINL management can see this as their moment of giving back to the nation and humanity. Its plant has an oxygen unit that can produce 418 tonnes of oxygen every day. 418 tonnes is about 58% of Delhi's daily demand for oxygen, notes Sudhir Bisht.
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.
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.
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