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More Troubles for India's Vedanta Resources

The troubles are far from over for Vedanta Resources as the Madras High Court asked for the shutdown of its Tuticorin smelter in a coastal area in the southern state of Tamil Nadu, India.

The copper smelter was said to be causing unabated air and water pollution. It was owned by Sterlite Industries which was owned 54% by Vedanta Resources.

Sterlite is listed in India and shares dropped by 9 percent in the company after the court order was announced. Vedanta's statement to the London market said that it was awaiting the full text of the order so as to decide on necessary recourse measures. They also said that the smelter at Tuticorin has been operational for more than 12 years in compliance with all rules and regulations.

Vedanta Resources has also run into trouble with the Indian government for its bauxite mine projects in recent months. Environmental concerns over mining activities in tribal areas took away the chance of mining at the Niyamgiri bauxite project.

There is one more acquisition that the group is trying to make in India. It wants to buy Cairn India which is an oil producing company, but will face competition from the state owned ONGC. Here it may face disappointment again if the government blocks the deal.

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