Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Indian court says committee to decide fate of shut Vedanta copper smelter

Published 20/08/2018, 10:20
Updated 20/08/2018, 10:30
© Reuters. FILE PHOTO: Government officials seal the Thoothukudi copper smelter controlled by Vedanta Resources

NEW DELHI (Reuters) - India's environment court said on Monday an independent judicial committee will decide in about six weeks whether to allow Vedanta Ltd (NS:VDAN) to reopen its copper smelter, which was shut by the southern state of Tamil Nadu on environmental grounds.

Tamil Nadu ordered the permanent closure of the plant and disconnected its power supply in May following protests that turned violent and culminated in the police opening fire on protesters, killing 13 of them.

The company has denied that the plant, India's second biggest copper smelter located in the port city of Thoothukudi, pollutes the area.

National Green Tribunal (NGT) Chairman Justice Adarsh Kumar Goel said the committee, including representatives from Vedanta, Tamil Nadu Pollution Control Board and the federal environment ministry, will look into the matter afresh.

The committee, to be headed by a retired judge, will have to deliver its verdict within four weeks of formation.

The smelter has an annual production capacity of more than 400,000 tonnes, and the company said last month the closure has impacted 350 companies that buy its products.

The NGT earlier this month granted Vedanta, the Indian unit of London-listed Vedanta Resources Ltd (L:VED), conditional access to the smelter for "administrative purposes".

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.