
Sterlite Industries India Limited
Sterlite Industries (India) Limited and its consolidated subsidiaries (the “Company” or “Sterlite”) are engaged in the businesses of mining, smelting, and refining non-ferrous metals in India and Australia. SIIL is a majority-owned subsidiary of Twin Star Holdings Limited (“Twin Star”), which is in turn a wholly owned subsidiary of Vedanta Resources plc (“Vedanta”), a public limited company incorporated in the United Kingdom and listed on the London Stock Exchange. Twin Star held 57 percent of SIIL’s equity as of Sept. 30, 2008.
Sterlite, its parent and associated companies have a checkered past and a controversial present, with intense local protests marking most of their greenfield ventures and takeovers. See "Vedanta Undermines Indian Communities", November 15, 2005, Corpwatch; and ActionAid's report titled "Vedanta Cares?". During its aggressive expansion in India, the company drew the ire of communities, including labour and indigenous peoples. See "Battle over Balco," Frontline, March 17-30, 2001, environmentalists, and Survival International's 14 May, 2008, release titled "Tribe -- Vedanta is destroying us for profit."
Statutory submissions by Indian political parties to the Central Election Commission reveal that the company donated generously to campaign funds for both the Indian National Congress and its rival BJP, a Hindu right-wing political party. The company has escaped unscathed despite serious controversies, including accusations of insider trading and of setting up entire factories with no statutory permission.
Its controversial copper smelter in Tuticorin was named for numerous violations including deaths and injury of workers, groundwater pollution, illegal expansion, and increasing production without license. It is listed in the Bombay Stock Exchange and the National Stock Exchange.
| Attachment | Size |
|---|---|
| Vedanta Action Aid report.pdf | 378.41 KB |
| Norwegian Council of Ethics recommendation Vedanta.pdf | 355.49 KB |
| Vedanta Order Supreme Court India 8.08.2008.pdf | 105.03 KB |
| Central Empowered Commn Report on Vedanta Niyamagiri Sep 2005.pdf | 240.22 KB |
| Sterlite case study, FINAL, 14.12.2008.pdf | 269.61 KB |
- 3564 reads
- Add new comment



