Vedanta Resources Limited is an Indian diversified
mining
Mining is the extraction of valuable minerals or other geological materials from the Earth, usually from an ore body, lode, vein, seam, reef, or placer deposit. The exploitation of these deposits for raw material is based on the economic via ...
company headquartered in
London
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
, United Kingdom. It is the largest mining and
non-ferrous metals
In metallurgy, non-ferrous metals are metals or alloys that do not contain iron (allotropes of iron, ferrite, and so on) in appreciable amounts.
Generally more costly than ferrous metals, non-ferrous metals are used because of desirable proper ...
company in India and has mining operations in Australia and Zambia
and oil and gas operations in three countries. Its main products are
Zinc
Zinc is a chemical element with the symbol Zn and atomic number 30. Zinc is a slightly brittle metal at room temperature and has a shiny-greyish appearance when oxidation is removed. It is the first element in group 12 (IIB) of the periodi ...
,
Lead
Lead is a chemical element with the symbol Pb (from the Latin ) and atomic number 82. It is a heavy metal that is denser than most common materials. Lead is soft and malleable, and also has a relatively low melting point. When freshly cu ...
,
Silver
Silver is a chemical element with the Symbol (chemistry), symbol Ag (from the Latin ', derived from the Proto-Indo-European wikt:Reconstruction:Proto-Indo-European/h₂erǵ-, ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, whi ...
,
Oil & Gas
A fossil fuel is a hydrocarbon-containing material formed naturally in the Earth's crust from the remains of dead plants and animals that is extracted and burned as a fuel. The main fossil fuels are coal, oil, and natural gas. Fossil fuels may ...
,
Iron Ore
Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, or deep purple to rusty red. The iron is usually found in the fo ...
,
Steel
Steel is an alloy made up of iron with added carbon to improve its strength and fracture resistance compared to other forms of iron. Many other elements may be present or added. Stainless steels that are corrosion- and oxidation-resistant ty ...
,
Aluminium
Aluminium (aluminum in American and Canadian English) is a chemical element with the symbol Al and atomic number 13. Aluminium has a density lower than those of other common metals, at approximately one third that of steel. I ...
and
Power
Power most often refers to:
* Power (physics), meaning "rate of doing work"
** Engine power, the power put out by an engine
** Electric power
* Power (social and political), the ability to influence people or events
** Abusive power
Power may a ...
.
[ It has also developed commercial ]power stations
A power station, also referred to as a power plant and sometimes generating station or generating plant, is an industrial facility for the generation of electric power. Power stations are generally connected to an electrical grid.
Many pow ...
in India in Odisha
Odisha (English: , ), formerly Orissa ( the official name until 2011), is an Indian state located in Eastern India. It is the 8th largest state by area, and the 11th largest by population. The state has the third largest population of ...
(2,400 MW) and Punjab
Punjab (; Punjabi: پنجاب ; ਪੰਜਾਬ ; ; also romanised as ''Panjāb'' or ''Panj-Āb'') is a geopolitical, cultural, and historical region in South Asia, specifically in the northern part of the Indian subcontinent, comprising ...
(1,980 MW).
The company with 20,000 employees is primarily owned by the family of Anil Agarwal through ''Volcan Investments'', a holding vehicle with a 61.7% stake in the business. Vedanta limited
Vedanta Limited is an Indian multinational mining company headquartered in Mumbai, India, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha.
History Sterlite Industries
Vedanta (then called ...
(formerly Sesa Goa / Sterlite
Sterlite Copper is a subsidiary of Sterlite industries, a company owned by Vedanta Limited.
History
It was originally incorporated as Rainbow Investments in 1975, the name of the company was changed to Sterlite Cables in 1976. It was later ...
) is one of the many Indian subsidiaries of Vedanta resources and operates iron ore mines in Goa.
Vedanta was listed on the London Stock Exchange
London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
and was a constituent of the FTSE 250 Index
The FTSE 250 Index ( "Footsie") is a capitalisation-weighted index consisting of the 101st to the 350th largest companies listed on the London Stock Exchange. Promotions and demotions to and from the index occur quarterly in March, June, Septemb ...
until chairman, Anil Agarwal's offer to take the company private went unconditional in September 2018.
History
The company was founded in Bombay
Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...
(now Mumbai
Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...
) in 1976 by Anil Agarwal, as a scrap-metal dealership. In 1979, he acquired the Shamsher Sterling Corporation (subsequently renamed Sterlite Industries), a manufacturer of power and control cables.
The company acquired a majority stake in Balco
The Bay Area Laboratory Co-operative (BALCO) (1984–2003) was an American company led by founder and owner Victor Conte. In 2003, journalists Lance Williams and Mark Fainaru-Wada investigated the company's role in a drug sports scandal later re ...
, the Indian state aluminium business, in 2001. It was first listed on the London Stock Exchange
London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
in 2003 when, as Vedanta Resources, it raised through an initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
.
In 2006, Vedanta acquired Sterlite Gold, a gold mining business, and in 2007, Vedanta Resources bought a 51% stake in Sesa Goa, India's largest producer-exporter of iron ore
Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, or deep purple to rusty red. The iron is usually found in the fo ...
, and the company became listed on NYSE
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is by far the List of stock exchanges, world's largest s ...
with a ADS issue.
In 2008, Vedanta bought certain of the assets of Asarco
Asarco LLC (American Smelting and Refining Company) is a mining, smelting, and refining company based in Tucson, Arizona, which mines and processes primarily copper. The company has been a subsidiary of Grupo México since 1999.
Its three la ...
, a copper
Copper is a chemical element with the symbol Cu (from la, cuprum) and atomic number 29. It is a soft, malleable, and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a pinkis ...
mining
Mining is the extraction of valuable minerals or other geological materials from the Earth, usually from an ore body, lode, vein, seam, reef, or placer deposit. The exploitation of these deposits for raw material is based on the economic via ...
business, out of Chapter 11
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, wheth ...
for . and in 2010, it acquired Anglo-American's portfolio of Zinc assets in South Africa, Namibia and Ireland.
In 2011, Vedanta acquired 58.5% controlling stake in Cairn India
Cairn India was an Indian oil and gas exploration and production company, headquartered in Gurgaon, India. The company was merged with Vedanta Limited.
History
In early 1999, Cairn made the first Rajasthan discovery – Guda field, followed ...
, the India's largest private sector Oil & Gas company and in 2013, Sterlite Industries and Sesa Goa announced a merger. The merger took place in August 2013 and the consolidated group was then called Sesa Sterlite
Vedanta Limited is an Indian multinational mining company headquartered in Mumbai, India, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha.
History Sterlite Industries
Vedanta (then called S ...
Ltd (now Vedanta Limited
Vedanta Limited is an Indian multinational mining company headquartered in Mumbai, India, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha.
History Sterlite Industries
Vedanta (then called ...
). In June 2018, Vedanta acquired 90% stake in Electrosteel Steels, a steel producer.
In September 2018, the company announced that Anil Agarwal would be taking Vedanta Resources private on 1 October 2018.
Operations
Copper
Sterlite Industries
Sterlite Copper is a subsidiary of Sterlite industries, a company owned by Vedanta Limited.
History
It was originally incorporated as Rainbow Investments in 1975, the name of the company was changed to Sterlite Cables in 1976. It was later r ...
(India): Sterlite is registered office headquartered in Tuticorin
Thoothukudi (formerly Tuticorin) is a port city, a municipal corporation and an industrial city in Thoothukudi district in the Indian state of Tamil Nadu. The city lies in the Coromandel Coast of Bay of Bengal. Thoothukudi is the capital and ...
, Tamil Nadu
Tamil Nadu (; , TN) is a States and union territories of India, state in southern India. It is the List of states and union territories of India by area, tenth largest Indian state by area and the List of states and union territories of India ...
, India. Sterlite has been a public listed company in India since 1988, and its equity shares are listed and traded on the NSE and the BSE, and are also listed and traded on the NYSE in the form of ADSs. Vedanta owns 53.9% of Sterlite and has management control of the company. Protest by Public of Tuticorin started for not following Environmental Clearance Issues. The Tamil Nadu Pollution Control Board (TNPCB) accused the factory of releasing noxious gas in the air. It said sulphur-di-oxide levels had gone off the charts on the night of 23 March in the year 2013. It showed a reading of 2939.55 mg/cubic metre against the prescribed limit of 1250 mg/ cubic metre more people where affected by cancer and other breathing disorders but the Indian government did not take any action.
Konkola Copper Mines
Konkola Copper Mines is a copper mining and smelting company in Zambia. It is a subsidiary of Vedanta Resources, a mining conglomerate based in Mumbai and London. Konkola's name is abbreviated to KCM.
Operations
KCM currently produces 2 million ...
: Vedanta owns 79.4% of KCM's share capital and have management control of the company. KCM's other shareholder is ZCCM Investment Holdings plc. The government of Zambia has a controlling stake in ZCCM Investment Holdings plc.
Copper Mines of Tasmania
Copper Mines of Tasmania is the successor company to the Mount Lyell Mining and Railway Company that operated in Queenstown, Tasmania for just short of one hundred years.
History
The first form of the company existed during the time of the M ...
: CMT is headquartered in Queenstown, Tasmania
Queenstown is a town in the West Coast region of the island of Tasmania, Australia. It is in a valley on the western slopes of Mount Owen on the West Coast Range.
At the , Queenstown had a population of 1,808 people.
History
Queenstown's his ...
. Sterlite owns 100.0% of CMT and has management control of the company.
Zinc
Hindustan Zinc
Hindustan Zinc Limited (HZL) is an Indian integrated mining and resources producer of zinc, lead, silver and cadmium. It is a subsidiary of Vedanta Limited. Earlier it was a Central Public Sector Undertaking, sold by Government of India to Ved ...
: HZL is headquartered in Udaipur
Udaipur () (ISO 15919: ''Udayapura''), historically named as Udayapura, is a city and municipal corporation in Udaipur district of the state of Rajasthan, India. It is the administrative headquarter of Udaipur district. It is the historic capit ...
in the state of Rajasthan
Rajasthan (; lit. 'Land of Kings') is a state in northern India. It covers or 10.4 per cent of India's total geographical area. It is the largest Indian state by area and the seventh largest by population. It is on India's northwestern si ...
. HZL's equity shares are listed and traded on the NSE and BSE. Sterlite owns 64.9% of the share capital in HZL and has management control. Sterlite has a call option to acquire the government of India's remaining ownership interest.
Iron ore
Vedanta's iron ore mining operations in India are operated under the umbrella of Vedanta Limited
Vedanta Limited is an Indian multinational mining company headquartered in Mumbai, India, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha.
History Sterlite Industries
Vedanta (then called ...
, a company headquartered in Panaji
Panaji (; also known as Panjim) is the capital of the Indian state of Goa and the headquarters of North Goa district. Previously, it was the territorial capital of the former Portuguese India. It lies on the banks of the Mandovi river estuary ...
, India. It has mining operations in Goa and Karnataka. Originally founded as Sesa Goa, a Portuguese
Portuguese may refer to:
* anything of, from, or related to the country and nation of Portugal
** Portuguese cuisine, traditional foods
** Portuguese language, a Romance language
*** Portuguese dialects, variants of the Portuguese language
** Portu ...
company, Sesa Goa was purchased by Vedanta (then known as Sterlite industries) in the 1990s. As of 30 June 2018, the company is owned 50% by the promoters (under the names of 12 members of the Agarwal family) and 50% by the public. This includes ownership by and "Westglobe limited", "Twinstar holdings", Finsider international and mutual funds (ICICI Prudential
ICICI Prudential Life Insurance Company Limited is a life insurance company in India. Established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, ICICI Prudential Life is engaged in life insurance and ...
), foreign portfolio investors (17%), LIC India (6%) and Citibank New York (4%).
Sterlite Energy
Sterlite Energy Limited (SEL) is an energy company focused on development and operation of power plants in India. SEL is a subsidiary of Vedanta Resources PLC.
Projects
Jharsuguda, Odisha
Sterlite Energy Limited is developing Sterlite Jharsu ...
: Sterlite Energy is headquartered in Mumbai. Sterlite owns 100.0% of Sterlite Energy and has management control of the company.
Philanthropy
In 1992, Anil Agarwal created the Vedanta Foundation as the vehicle through which the group companies would carry out their philanthropic programs and activities. In the financial year 2013–14, the Vedanta group companies and the Vedanta foundation invested US$49.0 million in building hospitals
A hospital is a health care institution providing patient treatment with specialized health science and auxiliary healthcare staff and medical equipment. The best-known type of hospital is the general hospital, which typically has an emerge ...
, schools
A school is an educational institution designed to provide learning spaces and learning environments for the teaching of students under the direction of teachers. Most countries have systems of formal education, which is sometimes compulsor ...
and infrastructure, conserving the environment and funding community programs that improve health, education and livelihood of over 4.1 million people. The initiatives were undertaken in partnership with the government and non-governmental organizations
A non-governmental organization (NGO) or non-governmental organisation (see spelling differences) is an organization that generally is formed independent from government. They are typically nonprofit entities, and many of them are active in h ...
(NGOs). Among his inspirations, Agarwal counts Andrew Carnegie
Andrew Carnegie (, ; November 25, 1835August 11, 1919) was a Scottish-American industrialist and philanthropist. Carnegie led the expansion of the American steel industry in the late 19th century and became one of the richest Americans i ...
and David Rockefeller
David Rockefeller (June 12, 1915 – March 20, 2017) was an American investment banker who served as chairman and chief executive of Chase Manhattan Corporation. He was the oldest living member of the third generation of the Rockefeller family, ...
who built public works with their fortunes, and Bill Gates
William Henry Gates III (born October 28, 1955) is an American business magnate and philanthropist. He is a co-founder of Microsoft, along with his late childhood friend Paul Allen. During his career at Microsoft, Gates held the positions ...
. The activities funded by his philanthropy are focused on child welfare, women empowerment and education
Education is a purposeful activity directed at achieving certain aims, such as transmitting knowledge or fostering skills and character traits. These aims may include the development of understanding, rationality, kindness, and honesty. Va ...
.
Anil Agarwal was ranked second in Hurun India Philanthropy List 2014 for his personal donation of ₹1,796 crore (about US$36 million). He was ranked 25th in the Hurun India Rich List with a personal fortune of ₹12,316 crore.
In 2015, the Vedanta group in partnership with Ministry for Women and Child development inaugurated the first "Nand Ghar" or modern anganwadi, of the 4,000 planned to set up. Agarwal has pledged to donate 75% of his family's wealth to charity, saying he was inspired by Bill Gates
William Henry Gates III (born October 28, 1955) is an American business magnate and philanthropist. He is a co-founder of Microsoft, along with his late childhood friend Paul Allen. During his career at Microsoft, Gates held the positions ...
.
Criticism
Environmental damage
Vedanta has been criticised by human rights and activist groups, including Survival International
Survival International is a human rights organisation formed in 1969, a London based charity that campaigns for the rights of indigenous and/or tribal peoples and uncontacted peoples.
The organisation's campaigns generally focus on tribal peopl ...
, Amnesty International
Amnesty International (also referred to as Amnesty or AI) is an international non-governmental organization focused on human rights, with its headquarters in the United Kingdom. The organization says it has more than ten million members and sup ...
and Niyamgiri Surakshya Samiti because of the company's operations in Niyamgiri hills in Odisha
Odisha (English: , ), formerly Orissa ( the official name until 2011), is an Indian state located in Eastern India. It is the 8th largest state by area, and the 11th largest by population. The state has the third largest population of ...
, India that are said to threaten the lives of the Dongria Kondh
The Dangaria Kandha people are members of the Kondhs. They are located in the Niyamgiri hills in the state of Odisha (formerly Orissa) in India. They sustain themselves from the resources of the Niyamgiri forests, practising horticulture and shif ...
people who populate this region. The Niyamgiri hills are also claimed to be an important wildlife habitat in Eastern Ghats of India as per a report by the Wildlife Institute of India as well as independent reports/studies carried out by civil society groups. In January 2009, thousands of locals formed a human chain around the hill in protest at the plans to start bauxite
Bauxite is a sedimentary rock with a relatively high aluminium content. It is the world's main source of aluminium and gallium. Bauxite consists mostly of the aluminium minerals gibbsite (Al(OH)3), boehmite (γ-AlO(OH)) and diaspore (α-AlO(O ...
mining in the area. The Union Environment Ministry in August 2010 rejected earlier clearances granted to a joint venture led by the Vedanta Group company Sterlite Industries for mining bauxite from Niyamgiri hills.
Vedanta's Alumina Refinery in Lanjigarh was criticised by the Orissa State Pollution Control Board (the statutory environmental regulation body) for air pollution and water pollution in the area. According to Amnesty International, local people reported dust, allegedly from the plant, settling on clothes, crops and food. Vedanta officials claimed there was no dust pollution from the plant at all. An environmental inspection of the plant reported water pollution by the plant including a small increase of the pH value of the river Vamshadhara below the refinery and a high level of SPM in the stack emissions.
In October 2009 it was reported that the British government has criticised Vedanta for its treatment of the Dongria Kondh tribe in Orissa, India. The company refused to co-operate with the British government and with an OECD
The Organisation for Economic Co-operation and Development (OECD; french: Organisation de coopération et de développement économiques, ''OCDE'') is an intergovernmental organisation with 38 member countries, founded in 1961 to stimulate e ...
investigation. It has rejected charges of environmental damage, saying it may be related to the increased use of fertiliser by farmers.
It was reported in August 2015 that villagers in Chingola, Zambia can smell and taste toxic pollution/leaks from the largest copper mine in Africa owned by KCM.
Vedanta Resources was ranked as "the worst of the 12 biggest diversified miners at reducing emissions and planning for climate change", according to the Digging Deep report (CDP).
Safety concerns
2007 Mining Deaths
Unsafe mining operations led to 18 deaths and 1,256 injuries involving own employees and contractors in 2007.
Balco, Korba, Chhattisgarh
A chimney under construction by Gannon Dunkerley & Company at the Balco smelter in Korba, Chhattisgarh collapsed on 23 September 2009, killing at least 40 workers. Balco and GDCL management have been accused of negligence in the incident.
Litigation
India
In respect of bauxite mines at Lanjigarh
Lanjigarh is a town in Lanjigarh Tehsil in Kalahandi district in Odisha State. Lanjigarh is 58 km away from Bhawanipatna and 430 km from Bhubaneswar
Bhubaneswar (; ) is the capital and largest city of the Indian state of Odisha. The ...
, Orissa
Odisha (English: , ), formerly Orissa ( the official name until 2011), is an Indian state located in Eastern India. It is the 8th largest state by area, and the 11th largest by population. The state has the third largest population of Sch ...
, public interest litigation The chief instrument through which judicial activism has flourished in India is public interest litigation (PIL) or social action litigation (SAL). ''Public interest litigation'' (PIL) refers to litigation undertaken to secure public interest and de ...
s were filed in 2004 by Indian non-government organisations led by the People's Union for Civil Liberties to the supreme court sub-committee regarding the potential environmental impact of the mines. The Ministry of Environment and Forests received reports from expert organisations and has submitted its recommendations to the supreme court. The sub-committee has found "blatant violations" of environmental regulations and grave concerns about the impact of the Niyamgiri mine on both the environment and the local tribal population. The committee recommended to the court that mining in such an ecologically sensitive area should not be permitted.
Human rights
In February 2010, the Church of England
The Church of England (C of E) is the established Christian church in England and the mother church of the international Anglican Communion. It traces its history to the Christian church recorded as existing in the Roman province of Britain ...
decided to disinvest from the company on ethical grounds.
The Director of Survival International, Stephen Corry, said, "The Church’s unprecedented and very welcome decision sends a strong signal to companies that trample on tribal peoples' rights: we will not bankroll your abuses. Anybody that has shares in Vedanta should sell them today if they care about human rights."
Vedanta responded by expressing disappointment at the church's actions, and that it is "fully committed to pursuing its investments in a responsible manner, respecting the environment and human rights".
The NGO Amnesty International
Amnesty International (also referred to as Amnesty or AI) is an international non-governmental organization focused on human rights, with its headquarters in the United Kingdom. The organization says it has more than ten million members and sup ...
has also criticised the company's record on human rights. It has said, " is clear that Vedanta Resources and its subsidiaries ..have failed to respect the human rights of the people of Lanjigarh and the Niyamgiri Hills" adding, "The proposed bauxite mine ..threatens the survival of a protected Indigenous community ..However, these risks have been largely ignored and consultation with and disclosure of information to affected communities have been almost non-existent."
Several shareholders sold their shares because of human rights concerns. This includes the Joseph Rowntree Charitable Trust
The Joseph Rowntree Charitable Trust (JRCT) is a philanthropic grant making trust that supports work undertaken in the UK and Ireland, and previously South Africa. It is one of three original trusts set up by Joseph Rowntree in 1904. The Trust ...
, the Marlborough Ethical Fund, Millfield House Foundation and PGGM
Stichting Pensioenfonds Zorg en Welzijn (known as PFZW, formerly PGGM, translation: "Pension Fund for Care and Well-Being") is the second largest pension fund in the Netherlands. As of 31 December 2014, PFZW had total assets under management of ...
. ''The Economic Times
''The Economic Times'' is an Indian English-language business-focused daily newspaper. It is owned by The Times Group. ''The Economic Times'' began publication in 1961. As of 2012, it is the world's second-most widely read English-language bus ...
'' criticised the project in an editorial, stating that if the mine goes ahead it will "impoverish a defenceless populace, perhaps to extinction." In July 2010, the Chief Secretary of the Indian state of Orissa
Odisha (English: , ), formerly Orissa ( the official name until 2011), is an Indian state located in Eastern India. It is the 8th largest state by area, and the 11th largest by population. The state has the third largest population of Sch ...
ordered a new investigation into the rights of the Dongria Kondh
The Dangaria Kandha people are members of the Kondhs. They are located in the Niyamgiri hills in the state of Odisha (formerly Orissa) in India. They sustain themselves from the resources of the Niyamgiri forests, practising horticulture and shif ...
tribe affected by Vedanta Resources' bauxite mine, in what Survival International characterised as the "...third major blow to Vedanta in a month".
A four-member panel set up by the government of India in the Ministry of Environment and Forests investigated the bauxite mining proposal over Niyamgiri
The Niyamgiri is a hill range situated in the districts of Kalahandi and Rayagada in the south-west of Odisha, India. These hills are home to Dongria Kondh indigenous people. The hills have one of India's most pristine forests in the interio ...
near Lanjigarh in the districts of Kalahandi and Rayagada in Orissa
Odisha (English: , ), formerly Orissa ( the official name until 2011), is an Indian state located in Eastern India. It is the 8th largest state by area, and the 11th largest by population. The state has the third largest population of Sch ...
. The area has been the traditional habitat of two particularly vulnerable tribal groups, the Dongria Kondh and the Kutia Kondh. The committee submitted its report on 16 August 2010, saying "The Vedanta Company has consistently violated the Forest Conservation Act CA the Forest Rights Act RA the Environment Protection Act PAand the Orissa Forest Act in active collusion with the State officials. Allowing mining by depriving two primitive tribal groups of their rights over the proposed mining site to benefit a private company would shake the faith of the tribal people in the laws of the land ". Based on a panel report, the government of India has served a show cause notice on the company on why its Stage I environment clearance should not be cancelled.
In October 2017, London's Court of Appeal ruled that nearly 2,000 Zambians can sue Vedanta in English courts over alleged pollution of their village.
In 2019, the Supreme Court of the United Kingdom
The Supreme Court of the United Kingdom (initialism: UKSC or the acronym: SCOTUK) is the final court of appeal in the United Kingdom for all civil cases, and for criminal cases originating in England, Wales and Northern Ireland. As the Unite ...
held that in the case of '' Lungowe v Vedanta Resources plc'' Vedanta Resources plc could be sued in England concerning business liability for human rights violations and environmental damage.
Legal violations
In July 2010, Sterlite Industries, a subsidiary of Vedanta Group, received a tax notice of about , and was charged with violating several rules by the excise department in India. Excise officials charged Sterlite Industries with misdeclaration because the company is alleged to have tried shipping out copper waste for the purpose of separating gold and silver when the waste also contained other precious metals like platinum and palladium. Vendanta also owes the Income Tax Department ₹10,247 crore as retrospective tax as of January 2014.
References
External links
*
{{Authority control
*
Non-renewable resource companies established in 1976
Companies listed on the London Stock Exchange
Copper mining companies of India
Diamond mining companies
Gold mining companies of Australia
Gold mining companies of the United Kingdom
Iron ore mining companies of the United Kingdom
Silver mining companies
Mining companies of Australia
Mining companies of the United Kingdom
Companies based in the City of London
Mining companies of India
Aluminium companies of India
Companies listed on the New York Stock Exchange
1976 establishments in India