Vedanta’s Goa iron ore business in turmoil
Vedanta Resources is considering options including lay-offs for some of the 2,000 employees of its iron ore business in Goa that was shut down by Supreme Court.
The Supreme Court in February cancelled all iron ore extraction permits in Goa and ordered mining to cease from March 16 on environmental and other concerns. The state is known for its low-quality iron ore exported to countries such as China.
London-listed Vedanta, controlled by billionaire Anil Agarwal, has come under increased scrutiny in the country since police opened fire on protesters, killing 13, at a demonstration against its copper smelter in Tamilnadu last month. The smelter has since been shut down.
Vedanta’s India business, run through its local unit Vedanta Ltd, has been a target of environmentalists for years. The southern state of Tamil Nadu shut down its copper smelter on environmental grounds following the police shootings at a demonstration against an expansion of the plant on May 22.