Vedanta gains on plans to move SC on Sterlite copper plant reopening

Vedanta is exploring possible legal options with respect to closure of copper smelter plant at Thoothukudi.

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Vedanta shares gained in early trade on March 7 as the mining major plans to file a review petition in the Supreme Court pertaining to the closure of a copper smelter plant at Thoothukudi.

At 9.20am, shares of the iron ore miner were quoting Rs 283.75 on the NSE, higher by 0.46 percent.

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On March 6, shares of Vedanta fell 1.14 percent to settle at Rs 282.45 on the NSE. Over the past six months, the stock price has risen more than 18 percent as against a 14 percent rise in the frontline Nifty 50 index.

Vedanta had filed a special leave petition in the Supreme Court on April 10, 2023, against the order of the Madras HC upholding the closure of the copper smelter plant at Thoothukudi. On February 29, the Supreme Court dismissed Vedanta’s plea seeking to reopen its Sterlite copper smelter plant in Tamil Nadu.

“We are conscious of the nature of the contribution of the company to the area. However, the court has to be mindful of the principle of sustainable development and the health and welfare of the residents of the area is a matter of utmost concern,” observed the apex court.

Also Read | Big setback for Vedanta: SC junks plea for reopening Sterlite copper smelter plant in Tamil Nadu

After hearing the case for five days, the court delivered its judgment, noting Vedanta’s non-compliance with legal obligations, including failure to remove copper slabs from nearly 11 sites, not abiding by consent conditions for gypsum operations, and inability to obtain authorisation for hazardous waste disposal.

During the earlier hearings, the court had suggested setting up an expert committee to evaluate the possibility of opening the plant. Vedanta had agreed to set up of the committee and suggested certain parameters for the same. However, both the government of Tamil Nadu and the Tamil Nadu Pollution Control Board (TNPCB) were not aggregable for setting up a committee.

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