Sterlite awaits full text of HC order to chalk future strategy

New Delhi: A day after the Madras High Court ordered closure of its copper smelter plant in Tuticorin for non compliance of environment norms, Sterlite Industries today said it deploys ecologically advanced technology and is awaiting full text of the order to decide on future course, reports PTI.

The high court yesterday held that the facility should be closed because of its proximity to an ecologically fragile area and faulted Sterlite, a subsidiary of UK-based Vedanta Group, for not developing a green belt around the plant in southern Tamil Nadu.

"...An order has been passed by the 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 company said in a filing to the Bombay Stock Exchange.

It said, "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 ISAS melt process, which is considered globally as an environmentally advanced technology."

The Anil Agarwal-led company employs around 3,000 people in Tamil Nadu, and contributes "about Rs 1,600 crore to the exchequer annually," it added.

The legal blow comes a month after the central government rejected clearance to the Vedanta group's Rs7,000 crore bauxite mining project at Niyamgiri hills in Orissa, for serious violation of forest laws.

The government had also sent a show-cause notice to the company as to why the clearance for the one million tonnes per annum alumina refinery at Lanjigarh in Orissa should not be cancelled in view of gross violation of environment norms.

The Madras High Court division bench held yesterday that the plant was within 25km of an ecologically fragile area and the company has failed to develop a green belt of 250metre width around the plant.

It directed the Tuticorin district collector to take necessary steps for re-employment of the workforce so as to protect their livelihood.

The court said there has been unabated pollution by the company, which should be stopped at least for now so as to protect the Mother Nature from being 'tarred'.

The court also noted that the plant was set up amid protests from people of different sections at Tuticorin.

The Tamil Nadu Pollution Control Board (TNPCB) had granted permission to Sterlite to run a unit to manufacture 391 MT of blister copper and 1,060 tonnes of sulphuric acid.

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BoB, Andhra Bank and Legal & General infuses additional Rs125 crore in IndiaFirst

IndiaFirst Life Insurance, a joint venture between state-run Bank of Baroda (BoB), Andhra Bank and UK-based Legal & General, said the three partners have infused additional Rs125 crore in the company.

With the Rs125 crore infusions, the total paid up capital of the insurer now stands at Rs 455 crore, IndiaFirst said in a release.

The capital has been infused according to the insurer's business plan for launching new products, expanding new distribution channels and continuing to develop the IndiaFirst brand in the market, it added.

IndiaFirst plans to further strengthen its distribution reach by launching its alternate channel of distribution.

On Wednesday, BoB shares ended 0.8% up at Rs291 while Andhra Bank shares closed 1.8% down on the Bombay Stock Exchange, while the benchmark Sensex declined 0.7% to 19,956 points.
 

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Areva T&D wins order worth Rs150 crore from Indiabulls

Power transmission and distribution company Areva T&D India Ltd said it won a contract, worth about Rs150 crore, from Indiabulls for supplying generator transformers.

Areva T&D will supply generator transformers to Indiabulls for its upcoming power projects at Nandgaonpeth near Amravati (5x270 MW) and at Sinnar near Nasik (5x270 MW) in Maharashtra, the company said in a regulatory filing.

The generator transformers will be delivered by the second quarter of 2012, it added.

On Wednesday, Areva T&D shares ended 0.1% down at Rs291 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.7% to 19,956 points.
 

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