India’s Tamil Nadu state on Wednesday (2) dismissed a request of Vedanta Ltd's Sterlite copper plant to reopen its unit located at Southern Indian coastal town Tuticorin following a judgement from country’s environment court setting aside its closure of the plant last year.
The Tamil Nadu state government has also clarified that it has filed a plea against the ruling of the environment court, National Green Tribunal (NGT) before India’s top court on Wednesday.
Tamil Nadu, in its plea before the Supreme Court said that the environment court has "erroneously" set aside number of orders passed by the Tamil Nadu Pollution Control Board (TNPCB) in 2018 with regard to the Sterlite plant.
The state government further added that the tribunal had asked TNPCB to pass new orders of renewal of permission and issue authorisation to handle dangerous substances to Vedanta.
The TNPCB, in a communication to the Sterlite copper smelter, said "you are informed that the Tamil Nadu government and TNPCB has filed the appeal before the Supreme Court on January 2."
Following violent protests, Tamil Nadu government on May 28, 2018 had asked TNPCB to seal and shut the copper smelter permanently following violent protests by the local residents over environmental pollution concerns.
However, after an appeal by the firm, the NGT on December 15 set aside the state government’s order, holding that it was "non-sustainable" and "unjustified". Following a ruling from NGT, Vedanta in December 20, 2018 said that it requested the TNPCB to reopen its copper smelter.
In a reply to the request made by the firm to make its plant operational, TNPCB said that the request made can’t be considered under the state government rules and regulations.
Last month, Madras High Court ordered status quo on the copper smelter issue until January 21 and directed the state government to inform the court if it plans to file a petition against the tribunal verdict.
Thirteen innocent were lost their lives in the police firing on May 22-23, 2018 and many others injured after the protests against the Vedanta plant turned violent in Tuticorin over environment pollution concerns.
Mago Capital acquires the 145,000 square foot Notting Hill Gate Estate for £180million.
Prideview Group plays key role, completing £200million in London deals this year
Eastway Estates to back Mago Capital’s future property investments.
Prideview powers Mago’s expansion
Mago Capital has purchased the 145,000 square – foot Notting Hill Gate Estate in London for £180 million from Frogmore and Morgan Stanley. The purchase is part of its push to expand its £500 million Central London portfolio, through Prideview Group deal. The company has been actively buying premium properties across Central London.
For Prideview Group, this is another important achievement. The firm has completed over £200 million in Central London deals so far this year, becoming a significant player in the premium property market.
"We've always believed in the long-term value of prime London real estate, and this deal reinforces that," said Jesal Patel, Principal at Prideview Group. "We were able to move quickly with Mago Capital to secure an exceptional property in one of London's most iconic locations."
Ed de Stefano from Tydus Real Estate, told BE news, "The Notting Hill Estate provided a fantastic opportunity to acquire a 100 per cent prime, recently redeveloped, mixed-use estate, in one of central London's most affluent submarkets."
The deal involved several specialists including Tydus Real Estate, Freedman + Hilmi, and Brotherton, showing how complex such large property purchases can be. Prideview Group's investment arm, Eastway Estates, sits on Mago Capital's board and will support their future property acquisitions.
Looking forward, Prideview Group wants to manage £1 billion worth of property within the next 12 to 24 months. The firm is looking to work with investment funds, property agents, brokers, and other property companies to buy more assets.
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