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.
A bench headed by Justice R F Nariman said it is allowing Tamil Nadu's appeal against the National Green Tribunal order only on grounds of maintainability.
'This government is not in the hands of M K Stalin but in the hands of the bureaucracy -- the IAS and IPS.'
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.
A bench of Chief Justice Ranjan Gogoi and Justice S K Kaul said the case will be heard on January 8.
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.
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.
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".
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.
Authorities lifted Section 144, which does not allow assembly of more than four people.
The residents of Tuticorin claim that pollution from Sterlite smelter has affected their health and environment, and farmers and fishermen have lost livelihood.
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 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 brand image, however, may not tarish further as it will have already taken the beating due to consistent injury
The land price collected for the said land allotment will be refunded.
Sterlite Industries has emerged as the country's highest tax payer in the private sector with a payment of Rs 1,117 crore
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.
'Vedanta', which will be the holding company for his Sterlite Industries, will be listed in the London Stock Exchange.
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.
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 Tamil Nadu government had, on May 28, ordered the state pollution control board to seal and "permanently" close the mining group's copper plant following violent protests over pollution concerns.
'India has a skill shortage of 56%.' 'This is a very interesting paradox -- the unemployment rate is 6% to 7%, and at the same time 20% of those qualified are unemployed.'
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).
The National Human Rights Commission took cognisance of the violence and issued notices to chief secretary and the director general of police, calling for detailed reports in two weeks.
Smelter produces more than 300,000 tonnes a year to supply half of India's domestic copper needs.
Anil Agarwal-led Vedanta's Sterlite Copper has come out with a fresh notification inviting expressions of interest (EoIs) to supply raw materials like copper concentrate, imported thermal coal, rock phosphate and petroleum products, among others, as part of its preparatory measures to restart production at its Thoothukudi unit in Tamil Nadu. This plant is likely to restart operations if a Supreme Court verdict goes in favour of the company. On June 12, the company had invited EoIs for carrying out plant 'restart activities'.
May opt for PE funds or debt to finance capital expenditure.
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