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 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.
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.
'Vedanta', which will be the holding company for his Sterlite Industries, will be listed in the London Stock Exchange.
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.
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.
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.
Sterlite Industries India Ltd plans to restructure its copper & power transmission line/aluminium conductor business.
Sterlite Industries has emerged as the country's highest tax payer in the private sector with a payment of Rs 1,117 crore
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 Karur tragedy has exposed the huge gaps in Vijay's understanding of realpolitik, elections and political administration, asserts N Sathiya Moorthy.
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 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.
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.
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, 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.
Sterlite Industries plans to float up to 25 per cent stake in the company on the London Stock Exchange within the next two months, raising around $250 million.
International metals major Sterlite Industries has approached the government seeking to acquire the latter's 49 per cent residual stake in aluminium major Balco.
The Anil Agarwal-controlled Sterlite Industries on Tuesday said it had dropped its plan to demerge the copper business as part of its restructuring process that commenced in January 2003.
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.
A consortium of Anil Agarwal-led Sterlite Industries and global financial services major Morgan Stanley has emerged as the frontrunner in the race to acquire a strategic 26 per cent equity stake in the troubled financial institution IFCI Ltd.Besides Sterlite, two other consortiums - Shinsei Bank-PNB-JC Flowers and Cargill Financial Services Corporation-Texas Pacific Group - had put in bids on December 14.
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 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.
Sterlite had acquired a 51 per cent stake in unlisted Balco as part of the government's strategic sale of its shareholding in March 2001 for Rs 551.50 crore (Rs 5.51 billion).
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