Sterlite Copper - Revision history

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← Older revision		Revision as of 11:55, 12 August 2021
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	In 1992 Maharashtra Industrial Development Corporation (MIDC) allotted plot in [[Ratnagiri]] district's Zadgaon village.<ref>{{Cite web\|last=\|first=\|date=\|title=Sesa Sterlite gets relief from Bombay High Court in Ratnagiri land case\|url=https://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/sesa-sterlite-gets-relief-from-bombay-high-court-in-ratnagiri-land-case/articleshow/42134447.cms?from=mdr\|access-date=\|website=}}</ref> On December 13, 1993, over 30,000 people of the city marched to the unit and demolished the quarters for the construction workers and some other structures.<ref>{{Cite web\|last=\|first=\|date=\|title=Copper unit comes a cropper\|url=https://www.downtoearth.org.in/coverage/copper-unit-comes-a-cropper-31911\|access-date=\|website=}}</ref><ref>{{Cite web\|last=\|first=\|date=\|title=Evicted from Ratnagiri\|url=https://frontline.thehindu.com/cover-story/evicted-from-ratnagiri/article10108645.ece\|access-date=\|website=}}</ref> After that incident Sterlite has been relocated to [[Tuticorin\|Thoothukudi]].		In 1992 Maharashtra Industrial Development Corporation (MIDC) allotted plot in [[Ratnagiri]] district's Zadgaon village.<ref>{{Cite web\|last=\|first=\|date=\|title=Sesa Sterlite gets relief from Bombay High Court in Ratnagiri land case\|url=https://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/sesa-sterlite-gets-relief-from-bombay-high-court-in-ratnagiri-land-case/articleshow/42134447.cms?from=mdr\|access-date=\|website=}}</ref> On December 13, 1993, over 30,000 people of the city marched to the unit and demolished the quarters for the construction workers and some other structures.<ref>{{Cite web\|last=\|first=\|date=\|title=Copper unit comes a cropper\|url=https://www.downtoearth.org.in/coverage/copper-unit-comes-a-cropper-31911\|access-date=\|website=}}</ref><ref>{{Cite web\|last=\|first=\|date=\|title=Evicted from Ratnagiri\|url=https://frontline.thehindu.com/cover-story/evicted-from-ratnagiri/article10108645.ece\|access-date=\|website=}}</ref> After that incident Sterlite has been relocated to [[Tuticorin\|Thoothukudi]].

	Sterlite operated the largest copper smelter plant in India, in [[Tuticorin\|Thoothukudi]] from 1998 to 2018. The plant was not operational from March 2018 and was shut down by the [[Government of Tamil Nadu]] on 28 May 2018 after protests from locals. The plant also included a refinery, a phosphoric acid plant and a sulphuric acid plant.<ref name=":4">{{Cite web\|url=https://thewire.in/environment/anti-sterlite-protests-fuelled-by-weak-sanctions-and-political-connections\|title=As Sterlite Plant Expands, a City Erupts in Protest - The Wire\|website=The Wire\|access-date=2018-04-19}}</ref>The company's main operating subsidiaries are [[Hindustan Zinc]] Limited for its zinc and lead operations; Copper Mines of Tasmania Pty Limited for its copper operations in Australia; and Bharat Aluminium Company Limited for its aluminium operations. It also operates a copper mine in Australia.<ref>{{cite news \|url= https://www.reuters.com/finance/stocks/companyProfile?symbol=SLT\|archive-url= https://archive.today/20130201140556/http://www.reuters.com/finance/stocks/companyProfile?symbol=SLT\|url-status= dead\|archive-date= 1 February 2013\|title=Sterlite Industries India Ltd (SLT) Company Profile \| Reuters.com\|work=reuters.com \|year=2011 \|accessdate=19 May 2011}}</ref>		Sterlite operated the largest copper smelter plant in India, in [[Tuticorin\|Thoothukudi]] from 1998 to 2018. The plant was not operational from March 2018 and was shut down by the [[Government of Tamil Nadu]] on 28 May 2018 after protests from locals. The plant also included a refinery, a phosphoric acid plant and a sulphuric acid plant.<ref name=":4">{{Cite web\|url=https://thewire.in/environment/anti-sterlite-protests-fuelled-by-weak-sanctions-and-political-connections\|title=As Sterlite Plant Expands, a City Erupts in Protest - The Wire\|website=The Wire\|access-date=2018-04-19}}</ref> The company's main operating subsidiaries are [[Hindustan Zinc]] Limited for its zinc and lead operations; Copper Mines of Tasmania Pty Limited for its copper operations in Australia; and Bharat Aluminium Company Limited for its aluminium operations. It also operates a copper mine in Australia.<ref>{{cite news \|url= https://www.reuters.com/finance/stocks/companyProfile?symbol=SLT\|archive-url= https://archive.today/20130201140556/http://www.reuters.com/finance/stocks/companyProfile?symbol=SLT\|url-status= dead\|archive-date= 1 February 2013\|title=Sterlite Industries India Ltd (SLT) Company Profile \| Reuters.com\|work=reuters.com \|year=2011 \|accessdate=19 May 2011}}</ref>

	On 23 Feb 2001, Sterlite bought 51% stake in Bharat Aluminium Co. from the government of India by $118.5 million.<ref>{{cite news\|url=http://news.bbc.co.uk/2/hi/business/1222115.stm\| title=Sterlite buys 51% BALCO stake \| work=BBC News \| date=9 May 2001}}</ref> In September 2013, SESA Goa, Sterlite Industries and Vedanta Aluminium merged to form [[Sesa Sterlite Limited]].<ref>{{cite web\|url=http://www.sesasterlite.com/know-us/key-facts.aspx\|title=Key Facts\|publisher=Sesa Sterlite\|access-date=18 February 2014}}</ref>		On 23 Feb 2001, Sterlite bought 51% stake in Bharat Aluminium Co. from the government of India by $118.5 million.<ref>{{cite news\|url=http://news.bbc.co.uk/2/hi/business/1222115.stm\| title=Sterlite buys 51% BALCO stake \| work=BBC News \| date=9 May 2001}}</ref> In September 2013, SESA Goa, Sterlite Industries and Vedanta Aluminium merged to form [[Sesa Sterlite Limited]].<ref>{{cite web\|url=http://www.sesasterlite.com/know-us/key-facts.aspx\|title=Key Facts\|publisher=Sesa Sterlite\|access-date=18 February 2014}}</ref>
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	In the meanwhile, the Tamil Nadu Pollution Control Board on March, 2013 re-ordered a closure of the plant on grounds of leakage of gas, leading to nausea and skin irritation among local inhabitants.<ref name=":1" /><ref name=":2">{{cite news\|url=http://www.thehindu.com/news/national/tamil-nadu/sterlites-copper-smelter-unit-in-tn-shut-down/article4564051.ece\|title=TN government orders closure of Sterlite copper smelter\|date=31 March 2013\|newspaper=The Hindu\|accessdate=17 February 2014\|location=Chennai, India}}</ref><ref>{{Cite news\|url=http://www.dnaindia.com/india/report-vedanta-group-s-copper-plant-ordered-to-be-shut-down-1817270\|title=Vedanta group's copper plant ordered to be shut down {{!}} Latest News & Updates at Daily News & Analysis\|date=2013-03-30\|work=dna\|access-date=2018-04-19\|language=en-US}}</ref>		In the meanwhile, the Tamil Nadu Pollution Control Board on March, 2013 re-ordered a closure of the plant on grounds of leakage of gas, leading to nausea and skin irritation among local inhabitants.<ref name=":1" /><ref name=":2">{{cite news\|url=http://www.thehindu.com/news/national/tamil-nadu/sterlites-copper-smelter-unit-in-tn-shut-down/article4564051.ece\|title=TN government orders closure of Sterlite copper smelter\|date=31 March 2013\|newspaper=The Hindu\|accessdate=17 February 2014\|location=Chennai, India}}</ref><ref>{{Cite news\|url=http://www.dnaindia.com/india/report-vedanta-group-s-copper-plant-ordered-to-be-shut-down-1817270\|title=Vedanta group's copper plant ordered to be shut down {{!}} Latest News & Updates at Daily News & Analysis\|date=2013-03-30\|work=dna\|access-date=2018-04-19\|language=en-US}}</ref>

	The group has steadfastly denied accusations of any wrongdoing, throughout.<ref name=":2" /><ref name=":3" />		The group has steadfastly denied accusations of any wrongdoing, throughout.<ref name=":3" /><ref name=":2" />

	In March and April 2018, there were renewed mass-protests against the company's plans of setting up a second smelting complex and demands of an entire shutdown of the smelting plants, on grounds of violating environmental regulations were raised.<ref>{{cite web\|url=https://timesofindia.indiatimes.com/city/chennai/protests-against-sterlite-in-tuticorin-enter-50th-day/articleshow/63590344.cms\|title=Protests against Sterlite in Tuticorin enter 50th day\|publisher=Times of India\|access-date=9 April 2018}}</ref><ref name=":0">{{Cite news\|url=http://www.newindianexpress.com/states/tamil-nadu/2018/mar/29/ban-sterlite-thousands-of-protesters-hit-the-streets-demanding-closure-of-copper-plant-in-thoothu-1792667.html\|title='Ban Sterlite': Thousands of protesters hit the streets demanding closure of copper plant in Thoothukudi\|work=The New Indian Express\|access-date=2018-04-19}}</ref>		In March and April 2018, there were renewed mass-protests against the company's plans of setting up a second smelting complex and demands of an entire shutdown of the smelting plants, on grounds of violating environmental regulations were raised.<ref>{{cite web\|url=https://timesofindia.indiatimes.com/city/chennai/protests-against-sterlite-in-tuticorin-enter-50th-day/articleshow/63590344.cms\|title=Protests against Sterlite in Tuticorin enter 50th day\|publisher=Times of India\|access-date=9 April 2018}}</ref><ref name=":0">{{Cite news\|url=http://www.newindianexpress.com/states/tamil-nadu/2018/mar/29/ban-sterlite-thousands-of-protesters-hit-the-streets-demanding-closure-of-copper-plant-in-thoothu-1792667.html\|title='Ban Sterlite': Thousands of protesters hit the streets demanding closure of copper plant in Thoothukudi\|work=The New Indian Express\|access-date=2018-04-19}}</ref>

Flying Bee: Created page with "{{short description|Indian copper manufacturing company}} {{Use dmy dates|date=May 2018}} {{Infobox company | name = Sterlite Industries (India) Limited | logo = File:Sterli..."

2021-08-11T20:39:56Z

Created page with "{{short description|Indian copper manufacturing company}} {{Use dmy dates|date=May 2018}} {{Infobox company | name = Sterlite Industries (India) Limited | logo = File:Sterli..."

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{{short description|Indian copper manufacturing company}}
{{Use dmy dates|date=May 2018}}
{{Infobox company
| name = Sterlite Industries (India) Limited
| logo = [[File:Sterlite Industries India logo.svg|200px|Logo of Sterlite Industries India Ltd]]
| type = [[Public company]]
| parent = [[Vedanta Limited]]
| successor = [[Sesa Sterlite Limited]]
| foundation = 8 September 1975, [[Kolkata|Calcutta]], India
| area_served = Worldwide
| key_people = [[Anil Agarwal (businessman)|Anil Agarwal]] (Chairman)
| industry = Metal, Mining
| num_employees = 1500
| revenue = {{profit}}{{INR|126.58 billion}} (2007-08)<ref name="fy">{{cite web|url=http://sterlite-industries.com/about_us/Business_Review.aspx|title=Sterlite |access-date=1 April 2008 }}</ref>
}}

'''Sterlite Copper''' is a subsidiary of Sterlite industries, a company owned by [[Vedanta Limited]].

==Overview==
In 1992 Maharashtra Industrial Development Corporation (MIDC) allotted plot in [[Ratnagiri]] district's Zadgaon village.<ref>{{Cite web|last=|first=|date=|title=Sesa Sterlite gets relief from Bombay High Court in Ratnagiri land case|url=https://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/sesa-sterlite-gets-relief-from-bombay-high-court-in-ratnagiri-land-case/articleshow/42134447.cms?from=mdr|access-date=|website=}}</ref> On December 13, 1993, over 30,000 people of the city marched to the unit and demolished the quarters for the construction workers and some other structures.<ref>{{Cite web|last=|first=|date=|title=Copper unit comes a cropper|url=https://www.downtoearth.org.in/coverage/copper-unit-comes-a-cropper-31911|access-date=|website=}}</ref><ref>{{Cite web|last=|first=|date=|title=Evicted from Ratnagiri|url=https://frontline.thehindu.com/cover-story/evicted-from-ratnagiri/article10108645.ece|access-date=|website=}}</ref> After that incident Sterlite has been relocated to [[Tuticorin|Thoothukudi]].

Sterlite operated the largest copper smelter plant in India, in [[Tuticorin|Thoothukudi]] from 1998 to 2018. The plant was not operational from March 2018 and was shut down by the [[Government of Tamil Nadu]] on 28 May 2018 after protests from locals. The plant also included a refinery, a phosphoric acid plant and a sulphuric acid plant.<ref name=":4">{{Cite web|url=https://thewire.in/environment/anti-sterlite-protests-fuelled-by-weak-sanctions-and-political-connections|title=As Sterlite Plant Expands, a City Erupts in Protest - The Wire|website=The Wire|access-date=2018-04-19}}</ref>The company's main operating subsidiaries are [[Hindustan Zinc]] Limited for its zinc and lead operations; Copper Mines of Tasmania Pty Limited for its copper operations in Australia; and Bharat Aluminium Company Limited for its aluminium operations. It also operates a copper mine in Australia.<ref>{{cite news |url= https://www.reuters.com/finance/stocks/companyProfile?symbol=SLT|archive-url= https://archive.today/20130201140556/http://www.reuters.com/finance/stocks/companyProfile?symbol=SLT|url-status= dead|archive-date= 1 February 2013|title=Sterlite Industries India Ltd (SLT) Company Profile | Reuters.com|work=reuters.com |year=2011 |accessdate=19 May 2011}}</ref>

On 23 Feb 2001, Sterlite bought 51% stake in Bharat Aluminium Co. from the government of India by $118.5 million.<ref>{{cite news|url=http://news.bbc.co.uk/2/hi/business/1222115.stm| title=Sterlite buys 51% BALCO stake | work=BBC News | date=9 May 2001}}</ref> In September 2013, SESA Goa, Sterlite Industries and Vedanta Aluminium merged to form [[Sesa Sterlite Limited]].<ref>{{cite web|url=http://www.sesasterlite.com/know-us/key-facts.aspx|title=Key Facts|publisher=Sesa Sterlite|access-date=18 February 2014}}</ref>

== Controversies ==
In 2001, Sterlite industries, [[BPL Group|BPL]] and [[Videocon]] were found guilty by SEBI of having colluded with [[Harshad Mehta]] and 17 brokers (10 from [[Bombay Stock Exchange|BSE]] and 7 from [[National Stock Exchange of India|NSE]]) in a bid to corner shares and rig shares prices. This resulted in a ban on the company from accessing capital markets for 2 years.<ref name="sebi">{{cite web |title=Press release - Ref.No.PR 71/2001 (19 April 2001) |url=https://www.sebi.gov.in/media/press-releases/apr-2001/action-against-harshad-mehta-videocon-bpl-and-sterlite_17608.html |website=www.sebi.gov.in |publisher=SEBI |accessdate=17 October 2018}}</ref> In 2003, [[Vedanta Resources]] (UK) was listed on the London Stock Exchange in the second largest floatation of the year in LSE. Vedanta Resources is a holding company that owns many entities including a large proportion of [[Vedanta Limited]] and Sterlite industries.<ref>{{cite web |title=16 years of fraud? |url=http://www.minesandcommunities.org/article.php?a=9685 |website=www.minesandcommunities.org |publisher=Mine and communities |accessdate=17 October 2018}}</ref>

===Thoothukudi violence===
{{Main|Thoothukudi violence}}
The Thoothukudi Copper Smelting plant has been long-opposed<ref name=":4" /> by the local residents for polluting their environment as well as causing a range of health problems and has been subject to several closures, on grounds of violating environmental norms.<ref name=":3">{{cite news|url=https://scroll.in/article/874441/every-house-has-a-sick-person-why-people-in-tuticorin-are-opposing-vedantas-copper-smelter|title=Sterlite protests|date=6 April 2018|work=Scroll.in}}</ref>

The National Environmental Research Institute (NEERI) and the TNPCB have found evidence that Sterlite contaminated the groundwater, air and soil with its effluents and also violated standards of operation.<ref name=":4" />

In 2010, the Madras High Court had ordered a shut down of the same plant, for violating environmental regulations which was subsequently challenged by the group in the Supreme Court.<ref name=":1">{{cite news|url=http://www.deccanherald.com/content/322671/vedantas-copper-smelting-plant-ordered.html|title=Vedanta's copper smelting plant ordered to stop operations|date=30 March 2013|newspaper=Deccan Herald|accessdate=17 February 2014}}</ref> The Supreme Court, in April, 2013 struck down the Madras high court's order<ref name=":4" /> and instead fined Sterlite Rs 100 crore for polluting the environment and for operating the plant without a renewal of the consents by TNPCB.<ref name=":3" /> Post a favorable ruling by the [[National Green Tribunal Act|National Green Tribunal]], the plant soon reopened.<ref name=":4" />

In the meanwhile, the Tamil Nadu Pollution Control Board on March, 2013 re-ordered a closure of the plant on grounds of leakage of gas, leading to nausea and skin irritation among local inhabitants.<ref name=":1" /><ref name=":2">{{cite news|url=http://www.thehindu.com/news/national/tamil-nadu/sterlites-copper-smelter-unit-in-tn-shut-down/article4564051.ece|title=TN government orders closure of Sterlite copper smelter|date=31 March 2013|newspaper=The Hindu|accessdate=17 February 2014|location=Chennai, India}}</ref><ref>{{Cite news|url=http://www.dnaindia.com/india/report-vedanta-group-s-copper-plant-ordered-to-be-shut-down-1817270|title=Vedanta group's copper plant ordered to be shut down {{!}} Latest News & Updates at Daily News & Analysis|date=2013-03-30|work=dna|access-date=2018-04-19|language=en-US}}</ref>

The group has steadfastly denied accusations of any wrongdoing, throughout.<ref name=":2" /><ref name=":3" />

In March and April 2018, there were renewed mass-protests against the company's plans of setting up a second smelting complex and demands of an entire shutdown of the smelting plants, on grounds of violating environmental regulations were raised.<ref>{{cite web|url=https://timesofindia.indiatimes.com/city/chennai/protests-against-sterlite-in-tuticorin-enter-50th-day/articleshow/63590344.cms|title=Protests against Sterlite in Tuticorin enter 50th day|publisher=Times of India|access-date=9 April 2018}}</ref><ref name=":0">{{Cite news|url=http://www.newindianexpress.com/states/tamil-nadu/2018/mar/29/ban-sterlite-thousands-of-protesters-hit-the-streets-demanding-closure-of-copper-plant-in-thoothu-1792667.html|title='Ban Sterlite': Thousands of protesters hit the streets demanding closure of copper plant in Thoothukudi|work=The New Indian Express|access-date=2018-04-19}}</ref>
On 22 May 2018 the protests took a deadlier when 20,000 protesters turned violent and subsequently police had to resort to lathi charge and shooting. In the event referred to as [[Thoothukudi violence]] 14 people were killed and several others injured. [[Section 144]] was imposed to control the situation.<ref>{{Cite news|url=https://www.nationalheraldindia.com/india/thoothukudi-sterlite-violence-one-more-injured-person-dies|title=Thoothukudi Sterlite violence: One more injured person dies, the total death toll in anti-Sterlite protests till now is 14|work=National Herald|access-date=2018-10-17|language=en-IN}}</ref>

On 28 May 2018, the Government of Tamil Nadu ordered the permanent closure of Sterlite plant in Thoothukudi.<ref>{{cite news|title=Tamil Nadu government orders permanent closure of Sterlite plant in Tuticorin|url=https://economictimes.indiatimes.com/news/politics-and-nation/tamil-nadu-government-orders-permanent-closure-of-sterlite-plant-in-tuticorin/articleshow/64355730.cms|work=The Economic Times|date=28 May 2018}}</ref>
<ref>{{cite web|title=TN govt orders permanent closure of Vedanta group's Sterlite plant in Tuticorin - Times of India ►|url=https://timesofindia.indiatimes.com/india/sterlite-plant-in-tuticorin-to-be-shut-down-permanently-orders-tn-govt/articleshow/64355727.cms|website=The Times of India}}</ref><ref>{{cite web|last1=Varadhan|first1=Sudarshan|title=India closes Vedanta copper smelter permanently after bloody protest|url=https://www.reuters.com/article/us-vedanta-smelter/india-closes-vedanta-copper-smelter-permanently-after-bloody-protest-idUSKCN1IT0AH|website=U.S.}}</ref>
This action of TN Government was set aside by NGT on 15 December 2018, directing the Tamil Nadu Pollution Control Board to pass fresh order of renewal of consent and authorization to handle hazardous substances.
Though the [[Supreme Court of India]] set aside these directions on appeal by TN Government, Justices R F Nariman and Naveen Sinha held on 18 February 2019 that the NGT had no jurisdiction to entertain the matter. But the ADMK parties are given rights to approach the Madras High Court.<ref>https://www.livelaw.in/top-stories/sc-sets-aside-ngt-order-which-allowed-to-re-open-sterlite-plant-at-tuticorin-142981</ref>

==References==
{{reflist}}

{{Vedanta Resources}}
{{Authority control}}

[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Copper mining companies of India]]
[[Category:Companies based in Kolkata]]
[[Category:Vedanta Resources]]
[[Category:Year of establishment missing]]