Vedanta : Supreme Court permits Sterlite Copper to open in national interest

SUPREME COURT PERMITS STERLITE COPPER TO OPEN IN NATIONAL INTEREST

• The Supreme Court has considered applications of Vedanta and permitted it to upkeep Sterlite Copper Plant.

Delhi/Mumbai, 10 April 2023: The three-member SC bench, headed by Chief Justice of India Justice D Y Chandrachud, today allowed Sterlite Copper to carry out the upkeep of the Plant.

Company had filed applications seeking reliefs from the Supreme Court to ensure proper upkeep of the Copper Smelter Plant, which were taken up for hearing today before the Supreme Court. The Court considered the report of the High Powered Expert Committee and recommendations of the State Government. The Hon'ble Supreme Court has permitted Vedanta Ltd. to carry out the activities at the Plant.

The court considered the aspect of plant being a national asset as its reopening would immensely help in India becoming self-reliant in copper. Today's development has brought much cheer and hope to the communities dependent on this plant.

Speaking on this development, Ms. A Sumathi, Chief Operating Officer, Sterlite Copper, said "We are happy about today's proceedings and directions from the Supreme Court. As the Court considered the report of the High-PoweredExpert Committee and the recommendations of the State Government, we look forward to carrying out the upkeep activities at the plant. Our stakeholders have expressed hope and cheer about today's development at the court and they are waiting for the plant to restart operations."

Sterlite Copper is a major employer in Tuticorin, providing direct and indirect employment to thousands of people. The closure of the plant has had a cascading effect on the local economy, leading to job losses and reduced economic activity. Various people from Tuticorin who benefited from Sterlite Copper have been demonstrating their continuous support. The Supreme Court's direction would bring a huge cheer for them.

The copper plant has remained shut since May 2018. Following the closure of the unit that used to contribute 40% of domestic copper production, India has become a net importer of the metal crucial for India's energy transition from being a net exporter earlier.

Earlier in the month, the Ministry of Home Affairs informed the Rajya Sabha that it was examining complaints against certain NGOs for misusing foreign funds to organise protests around the Vedanta Sterlite copper plant in Thoothukudi district of Tamil Nadu.

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The matter is now posted for further hearing on May 4th, 2023.

About Vedanta Limited:

Vedanta Limited, a subsidiary of Vedanta Resources Limited, is a diversified global natural resources company with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, and Aluminium & Power across India, South Africa and Namibia. For two decades, Vedanta has been contributing significantly to nation building. Governance and sustainable development are at the core of Vedanta's strategy, with a strong focus on health, safety, and environment. Vedanta has put in place a comprehensive framework to be the ESG leader in the natural resources sector. Vedanta is committed to reducing carbon emissions to zero by 2050 or sooner and has pledged $5 billion over the next 10 years to accelerate the transition to net zero operations. Giving back is in the DNA of Vedanta, which is focused on enhancing the lives of local communities. The company's flagship social impact program, Nand Ghars, have been set up as model anganwadis focused on eradicating child malnutrition, providing education, healthcare, and empowering women with skill development. Under the aegis of the Anil Agarwal Foundation, the umbrella entity for Vedanta's social initiatives, the Vedanta group has pledged Rs 5000 crore over the next five years on social impact programs with a thrust on nutrition, women & child development, healthcare, animal welfare, and grass-root level sports. Vedanta has been listed on the Dow Jones Sustainability World Index 2022, conferred Golden Peacock Award for excellence in Corporate Governance 2022 and certified as a Great Place to Work 2022. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange.

For more information, please visit www.vedantalimited.com

Disclaimer

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