Vedanta lost $200 million in profits in one year of Tuticorin plant shutdown, says chairman Anil Agarwal


Vedanta lost $200 million in profits in one year of Tuticorin plant shutdown, says chairman Anil Agarwal

Vedanta Ltd has lost about USD 200 million in profits ever since its copper smelter plant in Tamil Nadu was shut more than a year back after police fired on protesters and killed 13 people, Group Chairman Anil Agarwal said. Agarwal added that the stoppage of production at the Tuticorin plant of the firm’s unit Sterlite led to the country having to import copper, spending precious foreign exchange.

“We have lost about USD 200 million in bottomline (profits),” he told PTI in an interview. “Forget about bottomline. How can you stop production and start importing? After all, what we did at Tuticorin was import substitution.”  Read More

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