financetom
Business
financetom
/
Business
/
Sterlite Copper mulls approaching state government for consent to operate Tuticorin plant
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Sterlite Copper mulls approaching state government for consent to operate Tuticorin plant
Dec 16, 2018 12:44 PM

Buoyed by the NGT order allowing the reopening of its Tuticorin plant, Sterlite Copper CEO P Ramnath on December 16 said the company will now approach the Tamil Nadu government for consent to resume operations at the unit.

Share Market Live

NSE

The National Green Tribunal (NGT) on December 15 set aside the Tamil Nadu government order for closure of the copper unit at Tuticorin, which was at the centre of massive protests over alleged pollution, saying it was "non sustainable" and "unjustified".

In May, Vedanta's Sterilte Copper had to close the smelter plant following the state government order. The company had challenged the order in the NGT.

On his next move after the NGT order, Ramnath told PTI, "We will approach the Tamil Nadu government based on this order next week. We will approach for consent to operate, and immediately, we will ask them for access to the plant because the order also mentions the district collector should give access to the plant."

"Our aim is to make the plant operational as soon as possible," he added.

The company has been abiding with all environmental laws, Ramnath said adding "we have always been saying that we are a compliant company and make sure environmental laws are followed."

The company's 4,00,000 tonne per annum plant met over 30 per cent of the of India's copper demand. It also produced sulphuric and phosphoric acids as a by-product which are key raw material for manufacturing of fertiliser.

On the impact of the closure of the plant, Ramnath had earlier said that "due to the shutdown in the last six months... import of the metal (copper) has seen a surge. While premium on copper has gone up by 10-15 per cent, the import of the metal has shot up 2.5 times to nearly 30,000 tonne per month".

Sterlite Copper's plant closure has led to a spike in prices of phosphoric and sulphuric acids, adversely affecting the downstream chemical and fertilisers industry, he had said.

"The plant met 80-90 per cent of demand for sulphuric acid in the country and 15 per cent of the phosphoric acid demand. The closure of our plant has led to a sharp surge in demand, thereby driving up prices," Ramnath added.

First Published:Dec 16, 2018 9:44 PM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Uniti Group Completes $589 Million Securitization Notes Offering
Uniti Group Completes $589 Million Securitization Notes Offering
Feb 3, 2025
05:10 PM EST, 02/03/2025 (MT Newswires) -- Uniti Group ( UNIT ) said Monday that its subsidiaries Uniti Fiber ABS Issuer and Uniti Fiber TRS Issuer completed a $589 million fiber securitization notes offering in three tranches. The offering includes $426 million of 5.9% series 2025-1, class A-2 term notes, $65 million 6.4% series 2025-1, class B term notes and...
GH Research Launches $150 Million Public Offering
GH Research Launches $150 Million Public Offering
Feb 3, 2025
05:16 PM EST, 02/03/2025 (MT Newswires) -- GH Research ( GHRS ) said late Monday it has launched an underwritten public offering of $150 million of shares. The company said it plans to grant its underwriters an option to acquire up to $22.5 million of additional shares. ...
BKV Selects David Tameron to Succeed Jimenez as CFO
BKV Selects David Tameron to Succeed Jimenez as CFO
Feb 3, 2025
05:15 PM EST, 02/03/2025 (MT Newswires) -- BKV (BKV) late Monday said Chief Financial Officer John Jimenez will retire on May 15 and will be succeeded by David Tameron, who is currently vice president for strategic finance and investor relations at the energy company. Tameron will assume the CFO role on April 1, while Jimenez will transition to a senior...
Entre Resources Announces Formal Execution of Joint Venture Agreement With Oyu Tolgoi
Entre Resources Announces Formal Execution of Joint Venture Agreement With Oyu Tolgoi
Feb 3, 2025
05:15 PM EST, 02/03/2025 (MT Newswires) -- Entree Resources ( ERLFF ) after close of trade Monday said it a joint-venture agreement with Oyu Tolgoi LLC has been formally executed and delivered by the two parties. The pair have been operating under the agreement since formation of the Entree/Oyu Tolgoi joint venture in June, 2008. I am extremely happy that...
Copyright 2023-2026 - www.financetom.com All Rights Reserved