Source: Business Wire
Wednesday, September 29, 2010 04:35 PM IST (11:05 AM GMT)
Editors: General: Consumer interest, Environment; Business: Heavy industries, Mining companies
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(BW)(STERLITE-INDUSTRIES)(SLT)(STERLITEIND)Sterlite Industries: Update on Madras High Court Decision on Tuticorin Smelter
Tuticorin, Tamil Nadu, India, Wednesday, September 29, 2010 -- (Business Wire India) --
A Writ petition was filed in the year 1996 - 1998 in the Honourable Madras High Court challenging the Environmental clearance and against the setting up of the Copper Smelting Plant at Tuticorin. The Honourable High Court vide its interim Order dated 30 April 1999 permitted the Company to operate the Plant at its rated capacity. The Company has been running the Plant since then after getting requisite approvals from the State Pollution Control Board / the concerned Regulatory Authorities.
The Writ Petitions were finally heard in Jan - Feb 2010 and Orders were reserved. We understand that an Order has been passed by the Honourable High Court, on 28 September 2010, ordering closure of the plant. The Company is awaiting full text of the Order so as to decide on necessary recourse measures.
The Tuticorin Smelter has been operating for more than 12 years and has been in compliance with necessary rules and regulations and global standards. It deploys ISA Smelt process which is considered globally as an environmentally advanced technology. The company is one the largest in the State of Tamil Nadu, employing around 3000 people and provides indirect employment to a large number of people. It contributes about Rs 1600 crores to the exchequer annually.
About Sterlite Industries
Sterlite Industries is India's largest non-ferrous metals and mining company with interests and operations in aluminium, copper, zinc and lead and power. It is a subsidiary of Vedanta Resources plc, a London-based diversified FTSE 100 metals and mining group. Sterlite Industries' 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. The company operates its own copper operations in India. The company has entered the commercial energy generation business and is in the process of setting up a 2,400MW independent power plant through its wholly owned subsidiary, Sterlite Energy Limited. Sterlite Industries is listed on the Bombay Stock Exchange and National Stock Exchange in India and the New York Stock Exchange in the United States. For more information, please visit www.sterlite-industries.com.
Disclaimer
This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
CONTACT DETAILS
CONTACTS :
Sterlite Industries (India) Limited
Ashwin Bajaj, +91 22 6646 1531
Vice President - Investor Relations
sterliteinvestorrelations@vedanta.co.in
or
Sterlite Industries (India) Limited
Sheetal Khanduja, +91 22 6646 1531
AGM - Investor Relations
sterliteinvestorrelations@vedanta.co.in
KEYWORDS
CONSUMER, ENVIRONMENT, HEAVY INDUSTRIES, MINING
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