In a boost for Vedanta, the National Green Tribunal (NGT) has allowed its subsidiary Sterlite Copper to re-open Tuticorin smelter. P Ramnath, CEO of Sterlite Copper, spoke to CNBC-TV18 about the verdict and its impact on their business.
“The NGT judgement has been very positive for us and it has directed the pollution control board to re-issue the consent to operate within three weeks of this judgement date and it is also directed the district administration to give access to the plant, which we have been denied for the past six months. Once we get the access, it will take us maybe about a month or two to get the plant back into shape so that we can do a safe restart,” he said.
“Overall EBITDA to the entire group is just about 2-3 percent or so. So I won’t have the debt numbers in hand. So in any case, it would be very high,” he added.
With regards to the expansion plans, Ramnath said, “We had an expansion plan for doubling our capacity but as of now we are focusing on getting our existing plant back into operation. So post that, we will relook at that."
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