NDTV Correspondent, 21 October, 2010
The government on Thursday rejected Vedanta’s proposal to expand its aluminum capacity in Orissa. Vedanta had proposed to invest $8.5 billion for expansion of its alumina project in Lanjigarh in Orissa.
According to a report, the environment ministry has sent a notice asking the London-based company not to begin any new construction at the site and maintain a status quo.
The latest order comes as a second blow for Vedanta after its proposal to mine the Niyamgiri Hills, eight kilometers from the Lanjigarh refinery, was also turned down by the environment ministry.
The government had rejected environment clearance to its $1.7 billion bauxite mining project proposed in Niyamgiri Hills, citing serious violation of forest and environment laws.
The stalling of the projects has come at a time when Vedanta Resources is facing trouble in its bid for control of Cairn India, a potential deal valued at $9.6 billion that will push its stake in the oil market.
Why is the GoI putting shackles on big investors, that too of Indian origin in the name of environmental issues? While the environment is basic, can't ingenuity find viable ways to sustain both the environment and industry? Quoting probably archaic environmental laws to defeat investment is only scoring self-goals. We do not need terrorism of any kind, including environmental terrorism (either violence to the environment or violence in the name of environment). We need an inclusive approach to benefit all.
http://profit.ndtv.com/news/show/govt-says-no-to-vedanta-s-8-5-bn-expansion-plan-111398
The government on Thursday rejected Vedanta’s proposal to expand its aluminum capacity in Orissa. Vedanta had proposed to invest $8.5 billion for expansion of its alumina project in Lanjigarh in Orissa.
According to a report, the environment ministry has sent a notice asking the London-based company not to begin any new construction at the site and maintain a status quo.
The latest order comes as a second blow for Vedanta after its proposal to mine the Niyamgiri Hills, eight kilometers from the Lanjigarh refinery, was also turned down by the environment ministry.
The government had rejected environment clearance to its $1.7 billion bauxite mining project proposed in Niyamgiri Hills, citing serious violation of forest and environment laws.
The stalling of the projects has come at a time when Vedanta Resources is facing trouble in its bid for control of Cairn India, a potential deal valued at $9.6 billion that will push its stake in the oil market.
Why is the GoI putting shackles on big investors, that too of Indian origin in the name of environmental issues? While the environment is basic, can't ingenuity find viable ways to sustain both the environment and industry? Quoting probably archaic environmental laws to defeat investment is only scoring self-goals. We do not need terrorism of any kind, including environmental terrorism (either violence to the environment or violence in the name of environment). We need an inclusive approach to benefit all.
http://profit.ndtv.com/news/show/govt-says-no-to-vedanta-s-8-5-bn-expansion-plan-111398
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