 | |
| Company type | Public company |
|---|---|
| Industry | Metal, Mining |
| Founded | 8 September 1975, Calcutta, India |
| Successor | Sesa Sterlite Limited |
Area served | Worldwide |
Key people | Anil Agarwal (Chairman) |
| Revenue |  ₹126.58 billion (2007-08) [1] |
Number of employees | 1500 |
| Parent | Vedanta Limited |
Sterlite Copper is a subsidiary of Sterlite industries, a company owned by Vedanta Limited.
It was originally incorporated as Rainbow Investments in 1975, the name of the company was changed to Sterlite Cables in 1976. It was later renamed Sterlite Industries in 1986. With a restructuring in July 2000, the company is left with only a metal division comprising copper and aluminium divisions.
In 1994, it acquired Madras Aluminium Company (MALCO) for ₹55 crores. Sterlite and its associate companies took a 55% stake in India Foils for ₹50 crores. This improved Sterlite's product mix from aluminum metal to aluminum foil with the largest market share of 65%. [2] In 1999, the company acquired Copper Mines of Tasmania. [3]
In February 2011, Sterlite Industries acquired Lisheen Zinc Mine in Ireland from Taurus International S.A., for a share value of approximately $546 million. [4] In September 2013, SESA Goa, Sterlite Industries and Vedanta Aluminium merged to form Sesa Sterlite Limited. [5] It was listed on the NYSE in June 2007. [6]
In 1992, Maharashtra Industrial Development Corporation was allotted a plot in Ratnagiri district's Zadgaon village. [7] On 13 December 1993, over 30,000 people of the city marched to the unit and demolished the quarters for the construction workers and some other structures. [8] [9] After that incident Sterlite was relocated to Thoothukudi.[ citation needed ]
Three state governments, Gujarat, Goa, and Maharashtra have refused permission to the Vedanta Group to set up its 40,000 tonnes capacity due to its high polluting nature of the Sterlite copper smelting plant before the company managed to convince the Tamil Nadu government. Since its commencement in 1997, the plant had been found on numerous occasions to flout the pollution norms with impunity and foregone permit requirements by pollution regulators, as observed by the courts. [10]
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. The plant also included a refinery, a phosphoric acid plant and a sulphuric acid plant. [11] 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. [12]
In late April 2021, considering the COVID-19 situation and oxygen requirement, Sterlite Copper received special permission from the Government of Tamil Nadu to produce medical oxygen at their copper smelter plant in Thoothukudi, which was closed since 2018 after the state government's order. [13] The company generated and despatched over 542.92 metric tonnes of liquid medical oxygen by June 2021 to help India deal with Covid-19. [14] This is in addition to 953 oxygen cylinders containing 6671Nm³ of gaseous oxygen were supplied to meet the requirements of COVID-19 patients and hospitals. [15] It also donated ₹5 crore (US$626,168) to the Government of Tamil Nadu Chief Minister's Public Relief Fund in April 2021. [16]
The company reported ₹1,055 crores as its operating profit in India in the financial year 2018. In FY20, it recorded an operating profit of negative ₹300 crores. [17] It reported a loss in Ebitda of ₹235 crore and a revenue drop by 57% to ₹10,739 crore during the fiscal year 2018-19, compared to FY 2018-17, primarily due to the shutdown of Thoothukudi smelter in Tamil Nadu. In 2017-18, the company reported an Ebitda profit of ₹1,055 crore. The company's revenue was ₹24,951 crore in the FY18. [18]
In 2001, Sterlite industries, BPL and Videocon were found guilty by SEBI of having colluded with Harshad Mehta and 17 brokers (10 from BSE and 7 from 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. [19] 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. [20]
Vedanta Sterlite Copper Public Relations:
Vedanta Sterlite Copper, a major entity in the mining and metallurgy sector, collaborates with an official Public Relations agency to manage its public communications. The PR efforts are focused on providing accurate and transparent information to the public, stakeholders, and the wider community.
The Thoothukudi Copper Smelting plant has been long-opposed [11] 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. [21]
The National Environmental Engineering Research Institute (NEERI) and the Tamil Nadu Pollution Control Board (TNPCB) found evidence that Sterlite contaminated the groundwater, air and soil with its effluents and also violated standards of operation. [11]
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. [22] The Supreme Court, in April, 2013 struck down the Madras high court's order [11] and instead fined Sterlite Rs 100 crore for polluting the environment and for operating the plant without a renewal of the consents by TNPCB. [21] Post a favorable ruling by the National Green Tribunal (NGT), the plant soon reopened. [11]
In March 2013, TNPCB re-ordered a closure of the plant on grounds of leakage of gas, leading to nausea and skin irritation among local inhabitants. [22] [23] [24]
The group has steadfastly denied accusations of any wrongdoing, throughout. [23] [21]
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. [25] [26] 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. [27]
On 28 May 2018, the Government of Tamil Nadu ordered the permanent closure of Sterlite plant in Thoothukudi. [28] [29] [30] This action of TN Government was set aside by NGT on 15 December 2018, directing the TNPCB 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 Rohinton Fali Nariman and Navin 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. [31]
On 28 October 2018, Tamil Nadu Pollution Control Board reported that the sulphur-dioxide levels in the air had reduced significantly after the Sterlite plant's closure. [32] TNPCB also confirmed an improved Air Quality Index. [33]
As it was classified as a red category, the district administration has maintained the smelter premises since its closure. On 22 March 2019, the company submitted an affidavit to the Madras High Court, claiming the damage of ₹100 crore (US$13 million), which was caused due to negligence in maintaining the premises by the district authorities. [34]
Three years after closure of Sterlite, A 2022 study conducted by the Asian Institute of Technology, Bangkok and National Institute of Technology, Jamshedpur, indicated no significant change in the air quality and sulfur dioxide contribution to pollution in Thoothukudi before and after the closure of the smelter in 2018, [35] . While the closure of Sterlite caused immediate noticeable improvement in air quality by TNPCB, another study conducted by Anna University and the Centre for Climate Change and Adaptation Research confirmed that the road dust and vehicular emission as major factors contributing for the dust, causing poor air quality and make tuticorin already unsustainable . [36]
In June 2019, Mint reported that the company faced a loss of about $200 million in profits ever since its copper smelter plant got closed. [37] Around 20,000 people lost their jobs, who were employed by the company due to the shutting of the smelter and about 98,400 people were affected in the consumer or downstream industries. The plant's closure also caused a cascading effect on the supply chain of chemicals and the associated industries that operate using products of Sterlite Copper. [34] [38]
According to commerce ministry data, it impacted India's industrial metal exports and led to becoming a net importer beginning 2018-19. [39] [40] In March 2021, in a written response in the Lok Sabha, Pralhad Joshi, the Minister of Mines, Coal and Parliamentary Affairs, informed the lower house that the plant's closure has affected the domestic production of refined copper. The copper production of India dropped to 410,000 tonnes in 2019-20 from 830,000 tonnes in 2017-18 and the refined copper output in 2018-19 was 450,000 tonnes. [41]
In 2021 and 2022, controversially it was also reported that petitions were filed by some villagers, fishermen and a few local organizations demanding the reopening of Sterlite Copper including the victims of police firing on anti-Sterlite protests. [42] [43] [44] [41]
While the Justice Aruna Jagadeesan Commission did not find any "direct evidence" that points to the involvement of either Sterlite Industries, as claimed by a few activist groups, or any outfit, as alleged by the then government and a few individuals such as actor Rajinikanth, in the violence of 22 May 2018, it is clear state government, three Tahsildars, 17 police personnel and the then District Collector, N Venkatesh co-ordinated inaction, lethargy, complacency and dereliction of duty. [45]
The company is engaged in various CSR activities, supporting health, education, environmental and humanitarian causes. In June 2019, the company supplied RO purified water to 1,400 families in 12 villages as part of the Muthucharam - Tamira Surabhi Project during the water crisis. [46] It has launched Tamira Muthukkal, a project under the Muthucharam Initiative that provides skill training modules on various courses to help the youth of Thoothukudi to seek employment. It has also launched a skill center, offering courses and training in logistic trade. [47] It runs a project called Ilam Mottukal, which works for the education of girl child in the Thoothukudi district [48] and also runs a scholarship program called Sterlite Educational Scholarship. [49] In December 2018, it announced to allocate ₹100 crore (US$13 million) to set up social infrastructure, including building a hospital and one million trees plantation in Thoothukudi, Tamil Nadu. [50] Sterlite donated ₹5 crore (US$626,168) to the Chief Minister's Public Relief Fund during COVID-19 pandemic in April 2021. [16]
Palaniappan Chidambaram, better known as P. Chidambaram, is an Indian politician and lawyer who currently serves as Member of Parliament, Rajya Sabha. He served as the Chairman of the Parliamentary Standing Committee on Home Affairs from 2017 to 2018. And also served Interim Deputy Leader of Opposition in Rajya Sabha from 2022 to 2023 under Mallikarjun Kharge.
Thoothukudi is a port city, a municipal corporation, and an industrial city in Thoothukudi district in the Indian state of Tamil Nadu. The city lies on the Coromandel Coast of the Bay of Bengal. Thoothukudi is the capital and headquarters of Thoothukudi district. It is located about 590 kilometres southeast of Chennai, 190 kilometres northeast of Thiruvananthapuram, and 580 kilometres southeast of Bengaluru. According to the Confederation of Indian Industry, Thoothukudi has the second highest Human Development Index in Tamil Nadu, next to Chennai. Thoothukudi City serves as the headquarters of Tamilnad Mercantile Bank Limited, one of the leading private sector banks in India. Major educational establishments in the city include the Government Thoothukudi Medical College, Fisheries College and Research Institute, Tamil Nadu Maritime Academy, V.O. Chidambaram College, Kamaraj College, Anna University, and Government Polytechnic College. The V.O. Chidambaranar Port Authority is one of the major ports in India. Thoothukudi is an emerging energy and industrial hub of South India.
Vedanta Limited is an Indian multinational mining company headquartered in Mumbai, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha.
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Tirunelveli district is one of the 38 districts of Tamil Nadu state in India. It is the largest district in terms of area with Tirunelveli as its headquarters. The district was formed on 1 September 1790 by the British East India Company, and comprised the present Tirunelveli and Thoothukudi, Tenkasi and parts of Virudhunagar and Ramanathapuram district. As of 2011, the undivided district had a population of 3,077,233.
Thoothukudi District is one of the 38 districts of Tamil Nadu state in southern India. The district was formed by bifurcation of Tirunelveli district on 20 October 1986. Thoothukudi is the district headquarters and largest city of the district. The district is known for fishing as well as pearl cultivation, with an abundance of pearls being found in the seas offshore. Thoothukudi district has many historical sites such as Adichanallur and the ancient trade port of Korkai.
Vallinayagam Olaganathan Chidambaram Pillai , also known as Kappalottiya Tamizhan, was an Indian freedom fighter and a prominent leader in the Indian independence movement. He founded the Swadeshi Steam Navigation Company in 1906 to compete against the monopoly of the British India Steam Navigation Company (BISNC). He launched the first indigenous Indian shipping service between Tuticorin (India) and Colombo with the Swadeshi Steam Navigation Company (SSNC), competing against British ships. Tuticorin Port Trust, one of India's thirteen major ports, is named after him. Once a member of the Indian National Congress, he was later charged with sedition by the British government and sentenced to life imprisonment, and his barrister license was revoked.
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East Coast Road (ECR), combination of SH-49, NH-332A, NH-32, officially known as Mutthamizh Arignar Kalaignar Road without public voting, is a two-lane highway in Tamil Nadu, India, built along the Bay of Bengal coast. It connects Tamil Nadu's state capital Chennai with Kanyakumari via Puducherry, Cuddalore, Chidambaram, Sirkali, Thirukkadaiyur, Tharangambadi, Karaikal, Nagore, Nagapattinam, Thiruthuraipoondi, Muthupet, Adirampattinam, Manora,Peravurani,Manamelkudi, Mimisal, Ramanathapuram, Rameswaram,Thoothukudi, Tiruchendur, Uvari, Kudankulam. The total length of the road is about 777 km between Chennai and Kanyakumari.
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V.O. Chidambaranar Port Authority is a port in Thoothukudi, Tamil Nadu, and is one of the 13 major ports in India. It was declared to be a major port on 11 July 1974. It is the second largest port in Tamil Nadu and third largest container terminal in India. V.O. Chidambaranar Port is an artificial port. This is the third international port in Tamil Nadu and it is second all-weather port. All V.O. Chidambaranar Port Authority's traffic handling has crossed 10 million tons from 1 April to 13 September 2008, registering a growth rate of 12.08 per cent, surpassing the corresponding previous year handling of 8.96 million tons. It has services to USA, China, Europe, Sri Lanka and Mediterranean countries. The Station Commander, Coast Guard Station Thoothukudi is located at V.O. Chidambaranar Port Authority, Tamil Nadu under the operational and administrative control of the Commander, Coast Guard Region (East), Chennai. The Coast Guard Station V.O. Chidambaranar Port Authority was commissioned on 25 April 1991 by Vice Admiral SW Lakhar, NM, VSM the then Director General Coast Guard. The Station Commander is responsible for Coast Guard operations in this area of jurisdiction in Gulf of Mannar. V.O. Chidambaranar Port Authority Thoothukudi is an ISO 9001:2008, ISO 14001:2004 and International Ship and Port Facility Security (ISPS) Code compliant port.
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Thoothukudi is an Industrial City and it has transport connections via road, rail, sea and air. After Chennai, Thoothukudi is the only city in Tamil Nadu to have all four means of transport.
Thoothukudi massacre denotes events that took place on 22 and 23 May 2018 in Thoothukudi, Tamil Nadu, India. The violence took place during an ongoing protest against proposed expansion of a copper smelter plant run by Sterlite Corporation in Thoothukudi town. Police opened fire on the protesters, killed 13 people and left 102 injured. Several policemen were also injured during the protests.
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