Skip to content
Search

Latest Stories

India’s Tamil Nadu Govt Overreached By Closing Vedanta Smelter: Court Panel

An Indian court-appointed panel said on Wednesday (28) that there were insufficient grounds to permanently close Vedanta Ltd's copper smelter and a Tamil Nadu state government’s decision to shut it amounted to administrative overreach.

Police fired on environmental protesters calling for the closure of the plant in the southern town of Thoothukudi in May this year, killing 13. State authorities responded by permanently shutting down the smelter.


But a committee of experts set up by the National Green Tribunal, the environmental court, said authorities in Tamil Nadu state where the plant is located had failed to comply with procedures before shutting down the smelter.

The company was not given any notice or opportunity to explain its position, the panel said in its order.

The grounds cited for the closure of the plant were not sufficiently "grievous to justify permanent closure", said the panel. State authorities had said that the plant was polluting.

Activists said the plant caused air and water pollution, and posed a risk to fisheries.

The environment court will decide on the panel's report on December 7.

The court is likely to follow the panel's recommendation, and if it did so, it could lead to the re-opening of the smelter.

Vedanta said the plant had been operating in line with local laws. "We as a company have always been environmentally conscious in every aspect of our operations and have followed all regulations laid down by the law," said P Ramnath, chief of Vedanta's India copper business.

Vedanta is a subsidiary of billionaire Anil Agarwal controlled Vedanta Resources and the smelter is India's second biggest. The smelter has an annual production capacity of more than 400,000 tonnes, and the company said last month the closure has affected 350 companies that buy its products.

Reuters this month reported that Vedanta had been selling copper concentrate on the spot market from stockpiles at the closed Sterlite smelter.

Reuters

More For You

Shein-Reuters

Shein had aimed to go public in London in the first half of this year, subject to regulatory approvals in the UK and China. (Photo: Reuters)

Shein cuts valuation to £40 billion for London listing

SHEIN is preparing to lower its valuation to around £40 billion for a potential initial public offering (IPO) in London, according to three Reuters sources familiar with the matter.

This is nearly 25 per cent lower than the company's 2023 fundraising valuation as it faces increasing challenges.

Keep ReadingShow less
Northern-Superchargers-Getty

Ben Stokes and Matthew Short of Northern Superchargers walk out to bat during The Hundred match between Manchester Originals and Northern Superchargers on August 11, 2024 in Manchester, England. (Photo: Getty Images)

Sunrisers Hyderabad to acquire Northern Superchargers in £100 million deal

INDIAN Premier League franchise Sunrisers Hyderabad is set to become the first full owners of an English Hundred team after agreeing to buy Yorkshire’s Northern Superchargers for a reported £100 million.

The Sun Group will be the third IPL-linked investor in the eight-team Hundred competition, following Reliance Industries, which owns Mumbai Indians, and RPSG, which runs Lucknow Super Giants.

Keep ReadingShow less
BT-Getty

A view of the British Telecom (BT) headquarters in central London. (Photo: Getty Images)

BT to remove diversity targets from manager bonuses

BT will remove diversity, equity, and inclusion (DEI) targets from its manager bonus scheme, replacing them with a measure of overall employee engagement.

The change, set to take effect in April, follows consultation with major investors and has received “strong support,” according to the company, The Telegraph reported.

Keep ReadingShow less
India's central bank cuts interest rates for first time since 2020

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.. (Photo credit: Reuters)

India's central bank cuts interest rates for first time since 2020

THE RESERVE BANK OF INDIA (RBI) reduced interest rates on Friday for the first time in nearly five years, citing concerns over economic growth despite inflation risks.

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.

Keep ReadingShow less
Sri Lanka seeks to negotiate with Adani over renewable energy plants

Gautam Adani

Sri Lanka seeks to negotiate with Adani over renewable energy plants

SRI LANKA’S government started talks with India’s Adani Group to lower the cost of power from two wind power projects the group will build in the island nation’s northern province, the cabinet spokesman said last Tuesday (28).

Sri Lanka has been reviewing the group’s local projects after US authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. Adani has denied the allegations.

Keep ReadingShow less