Skip to content
Search

Latest Stories

Vedanta losing £0.53m daily since Indian smelter shutdown

MINING giant Vedanta Ltd told an Indian court it has been losing £5,33142 (£0.53 million) a day ever since the closure of one of its copper smelters in May, after police fired on protesters against the plant and killed 13 people.

The Tamil Nadu state government ordered the smelter shut permanently on May 28 last year after bloody protests at the plant in the city of Thoothukudi culminated in police opening fire on demonstrators.


The "unit has been and is continuing to suffer a daily loss of about £53,3142," Vedanta said in a petition to the Madras High Court.

That translates to a loss of about £147.05 million since the plant was shut nine months ago.

Vedanta Group chairman Anil Agarwal had said in July the company could lose £75.52m if the plant was shut for a year.

The case, in which the company is seeking to reopen the smelter, is due to open in the Madras High Court today (1).

Vedanta won a favourable judgment in December from India's Natural Green Tribunal (NGT), clearing the way to reopen the smelter, but India's Supreme Court ruled in February that the NGT did not have the jurisdiction to grant relief.

In addition to a potentially long legal battle, reopening the smelter could face further complications with federal elections due in May.

The two main political parties in Tamil Nadu are against reopening the smelter, increasing the likelihood that the shutdown will continue.

Vedanta is also seeking to gain access to its plant, which has been maintained by the government since the shutdown, and said it would need tens of millions of rupees to restore it.

The company "would be subjected to irreparable harm and hardship, not capable of being compensated in monetary terms if the interim reliefs (for access) ... are not granted," Vedanta said in its petition.

Chairman Agarwal is betting big on India despite the troubles over its Tamil Nadu smelter, and plans to invest £6.34 billion in the country over the next three years.

(Reuters)

More For You

UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less
Rosneft in early talks to sell India refinery stake to Reliance

Reliance Industries chairman Mukesh Ambani (Photo: Getty Images)

Rosneft in early talks to sell India refinery stake to Reliance

RUSSIAN oil major PJSC Rosneft Oil Company is in early discussions with Reliance Industries to sell its 49.13 per cent stake in Nayara Energy, an Indian energy company that operates a 20-million-tonnes-per-year oil refinery and 6,750 petrol pumps, sources familiar with the matter said.

The deal, if finalised, would see Reliance overtake state-owned Indian Oil Corporation (IOC) to become India’s largest oil refiner. It would also provide Reliance with a significant expansion in fuel retailing, where it currently holds a relatively small presence.

Keep ReadingShow less
modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less
Mounjaro

Mounjaro, or tirzepatide, is part of a new class of weight-loss medications, with trials showing patients losing an average of 20 per cent of their body weight after 72 weeks.

Reuters

Lilly to sell Mounjaro pens in India as Wegovy enters market

ELI LILLY said on Thursday that it has received approval from India's drug regulator to launch pre-filled injector pens of its weight-loss drug, Mounjaro.

The move gives the company more options to compete with Novo Nordisk, which recently launched its weight-loss drug Wegovy in the country.

Keep ReadingShow less