Why Sterlite plant was closed?
A plant of Vedanta’s subsidiary Sterlite Copper, which had a production capacity of four lakh tonnes, was shut down in May 2018 by the Tamil Nadu government after the state’s pollution control board made a recommendation following violent protests by residents.
What is Sterlite issue?
Sterlite Copper, a subsidiary of Sterlite Industries, a company owned by Vedanta Limited, was forced to cease operations following a major protest in 2018. Protesters claimed that the emissions and waste from the plant were polluting the environment. The plant has remained shut since.
Why is Sterlite stock falling?
Sterlite Technologies slumped 5.73% to Rs 254.25 after the company reported a consolidated net loss of Rs 137 crore in Q3 FY22 as compared to a net profit of Rs 86.64 crore posted in Q3 FY21.
Which environmental factor did Sterlite by Vedanta overlook that resulted in their factory having to be sealed temporarily?
The basis of the shutdown decision was an April 9 order of TNPCB that blamed Sterlite for causing groundwater pollution under the Water (Prevention and Control of Pollution) Act, 1974.
Who is the owner of Sterlite Copper?
Vedanta LimitedSterlite Copper / Parent organization
Is Sterlite Tech a good buy?
Sterlite Tech is an amazing stock by all accounts. It has generated significant returns for people who bet on the company early and it’s got the financials to back it up. But it’s also a company that brings with itself significant risks because of the business it operates in.
What is Vedanta issue?
Several Tuticorin locals, social and environmental activists had alleged that Vedanta’s Sterlite Copper plant was causing widespread and severe pollution in Tuticorin, owing to which locals suffered from grave diseases like cancer.
When did Sterlite started in Tamil Nadu?
Sterlite operated the largest copper smelter plant in India, in 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.