BackSterlite seeks time to appeal smelter closure
Sterlite seeks time to appeal smelter closure
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Chennai: Vedanta Resources’ Indian unit Sterlite Industries is seeking time to appeal a court order for immediate closure of its Tuticorin copper smelter on environmental grounds, a document seen by Reuters shows.
Sterlite on Wednesday said it had shut the plant, the world’s ninth-largest copper smelter, on the court order, pushing its parent company’s shares down nearly 5%.
In the petition document Sterlite said it wanted a stay on the order for three weeks, adding its operations did not have an adverse impact on the environment nor on the public living in the area.
Sterlite said in the petition “it should be given just and reasonable opportunity to avail appellate remedy".
The company declined to comment.
In the petition dated 29 September, Sterlite said an immediate closure of the smelter would hurt some of its contractual obligations with vendors, customers and service providers.
The smelter exported 127,095 tonnes of copper in the year ending March 2010, according to its annual report, with most of that going to China, a metal industry official said.
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