Connect with us
Monday,23-December-2024
Breaking News

Business

Sterlite Copper’s exit from TN gives bad signal for new investors

Published

on

The decision of Vedanta Ltd to sell its 4,00,000 ton per annum (tpa) copper smelter plant and refining complex at Tuticorin gives a bad signal for any prospective investors in the city as well as in Tamil Nadu, said businessmen.

The copper smelter plant complex is known as Sterlite Copper.

They also said investors would think twice before investing in Tuticorin.

“The protest against the Sterlite Copper’s closure three years back is well known now the world over. With the company’s decision to sell its plant and other assets, new investors may not come to Tuticorin,” I. Lenin, President, Thoothukudi Industrial Suppliers Association told IANS.

Vendors to Sterlite Copper were taken by surprise at the smelter plant’s sell off announcement by Vedanta on Monday.

“The transport industry has been severely affected ever since Sterlite Copper was closed down in 2018. About 400 lorry owners were impacted and many were forced to reduce their fleet size by selling the trucks,” S. Murugan, Joint Secretary, Thoothukudi Lorry Owners Association, told IANS.

Not only the lorry operators, but also several others like the labourers, shops, servants, provision stores, local transport operators were also affected by the closure of the copper smelter plant, Murugan added.

Businessmen said three thermal power plants and a couple of other factories in Tuticorin were not functional for a long time and it was the business from Sterlite Copper that sustained them.

“We used to change our truck tyres every three months when Sterlite Copper was functional, which means the tyre industry too did well,” Murugan remarked.

Lenin and Murugan said the Tamil Nadu government could have offered Vedanta an alternate site for relocating the smelter plant.

The businessmen also said Tuticorin may not be an attractive investment destination following the Sterlite Copper episode.

“The state government should have taken stringent action in case of environment violations and should have allowed Sterlite Copper to function,” Murugan and Lenin said.

The exit of Sterlite Copper from Tuticorin will give a boost to the non-government organisations (NGO) to start targeting other major industries in the state.

Further the Sterlite Copper episode will also deter future investors from investing in Tuticorin where a new furniture park is being set up, businessmen in Tuticorin added.

Tamil Nadu Chief Minister M.K. Stalin had laid the foundation stone for the 1,156 crore furniture park. The government expects the furniture park to attract about Rs 4,500 crore investment.

On Monday, Vedanta along with Axis Capital had called for Expression of Interest (EoI) for its smelter complex (primary and secondary), sulphuric acid plant, copper refinery, continuous copper rod plant, phosphoric acid plant, effluent treatment plant, 160 MW captive power plant, reverse osmosis units, oxygen generation unit and residential complex with amenities.

According to Vedanta, the plant produces about 40 per cent of the country’s demand for copper and contributes about Rs 2,500 crore per annum to the exchequer and 12 per cent of Tuticorin Port’s revenue.

Vedanta said the closure of Tuticorin copper smelter plant has had a ripple effect in terms of imports and livelihoods.

“Post closure, India has become a net importer of copper for the first time in 18 years, with copper imports growing 3X while exports have plunged by 90 per cent. We are continuing to explore all legal avenues towards achieving a sustainable solution to the closure,” the company had said.

The Tamil Nadu government had ordered the copper smelter plant to be shut down in 2018 following a violent protest that led to the death of 13 persons in police firing.

The 4,00,000 ton Sterlite Copper smelter plant that has been operating in Tuticorin for over 25 years with a cumulative investment of about Rs 3,000 crore.

Business

‘Its Prime Real Estate’: Anand Mahindra Expresses Awe At Grandiose Of Brabus Big Boy 1200

Published

on

In the City of Dreams that is Mumbai, one of the biggest ‘dreams’ of most who live in the metropolis is to find an abode, that they can call it their own. Real estate in Mumbai is known for its sky-high pricing, with figures of Rs 10-15 crore not surprising anyone.

The Motorhome

Space is a major issue in city, given the paucity of it, in a region that encompasses millions. However, what happens when the space is not only available but also mobile? That is precisely what a ‘motorhome’.

It may not been the most commonly seen or discussed avenue in this part of the world, but in other parts of the world, particularly in the US, an RV or recreational vehicle is the way of life, either by choice or by circumstance.

Mahindra Group chairman, Anand Mahindra recently reacted to one such motorhome. In a post on X, he shared a minute-long clipping of the Brabus Big Boy 1200. This is an uber-luxe, profligate motorhome manufactured by the German automobile company Brabus.

Mahindra, while reacting to the video of a person showing around the bus said, That’s not transport. It’s prime real estate.”

And one may arguably agree with Mahindra on this. The vehicle is extravagant and has a length of 12 meters or 39.4 ft and over 30 square meters or 320 sq ft. For context, the average size of homes in city of Mumbai hovers around 400-700 sq ft.

What Are The Features Of This Motorhome?

In addition, the vehicle also has two electrically extendable slide-outs on each side. These slide-outs can extend the bedroom and saloon to a width of 4.50 meters.

In addition, the motorhome also consists of a double bed measuring 160 x 200 centimeters.

A closet is integrated into the rear wall of the vehicle.

For amusement, the vehicle also has a desk and a 43-inch 4K television. Here one could watch TV programs that have been made available on the system play games on the integrated Playstation 5 system.

In addition, one can also connect to the internet through the Starlink system.

When it comes to the vehicle, it runs on a12.8-liter six-cylinder turbodiesel engine. This engine can deliver 390 kW / 530 hp and can generate a maximum torque of 2,600 Nm.

The vehicle is priced at around USD 1.5 million or a whopping Rs 12 crore.

Continue Reading

Business

Maha will play key role in achieving India’s $5 trillion economy goal: Minister Tatkare

Published

on

Nagpur, Dec 21: Representing Maharashtra in the pre-Union Budget meeting held in Jaisalmer, Minister Aditi Tatkare on Saturday assured that Maharashtra would play a pivotal role in India’s journey towards becoming a $5 trillion economy.

She emphasised the need for special financial assistance to the state in the upcoming Union Budget.

Minister Tatkare presented Maharashtra’s vision, highlighting its strategic role in realising the Prime Minister’s goal of a ‘Viksit Bharat’ by 2047.

Minister Tatkare outlined several critical issues and proposals for inclusion in the Union Budget. She urged the finance minister for central assistance for state Capital Investment by enhancing the allocation under the Scheme for Special Assistance to States for Capital Investment.

She emphasised the need for streamlining fund disbursement timelines to provide qualifying states with a minimum one-year utilisation window.

In the wake of rapid urbanisation, Minister Tatkare called for central support to tackle the challenges faced by the state.

“Maharashtra, with urbanisation expected to surpass 50 per cent in the upcoming census, faces challenges in resource mobilisation for urban local bodies (ULBs). The state government urges support for ULBs to access long-term loans for planned urban development and infrastructure enhancement,” she said.

Under the MukhyaMantri Saur Krushi Vahini Yojana 2.0, aimed at solarising agricultural feeders, Minister Tatkare sought increased targets and funding allocations for Maharashtra.

She requested expansion of Battery Energy Storage System (BESS) capacity from 500 MWh to 9,000 MWh to meet the state’s energy storage goals.

In order to further boost the modernisation of the home department, Minister Tatkare sought funds on a 60:40 basis, for projects such as digital forensic labs, mobile forensic vans, AMBIS systems, and the Cyber Security Project (Rs 837.86 crore).

She highlighted the need for funding major initiatives like Dial 112 emergency services integration and Maharashtra Police Station CCTV projects.

She urged financial support for faster case disposal through enhanced infrastructure for the judiciary.

She requested funding for constructing the Bombay High Court Complex in Bandra (East), estimated at Rs 3,750 crore.

Further, to push the implementation of the Mumbai Metropolitan Region (MMR) economic master plan, Minister Tatkare proposed a special package.

The master plan is aligning with NITI Aayog’s vision to transform MMR into a national growth hub by 2030.

According to NITI Aayog, the MMR has a potential to increase its GDP to $300 billion by 2030 from the present level of $140 billion.

The Centre’s public policy think tank has asked the Maharashtra government to concentrate on seven growth drivers and attract investment of $125-135 billion from the private sector to achieve the target.

In a bid to push the state government’s ambitious plan to make Maharashtra drought-free, the state government has sought central government support to include state-funded river-linking projects like Wainganga-Nalganga and Damanganga-Godavari under the National Interlinking of Rivers Scheme.

Further, the state government appealed to the Centre to ease revenue expenditure pressures to create fiscal space for capital projects and establish a ‘Kisan Vishesh Sahayata Nidhi’ to compensate farmers affected by trade policy interventions.

The state government also appealed for the enhancement of funding for ongoing schemes like the Jal Jeevan Mission and financial assistance for disaster-affected areas.

Minister Tatkare said the comprehensive representation highlighted Maharashtra’s ambitions and challenges, ensuring the state’s priorities were well-articulated for the Union Budget deliberations.

She reiterated Maharashtra’s commitment to becoming a cornerstone of India’s economic growth and development trajectory.

Continue Reading

Business

Domestic stock markets to end 2024 on positive note, Nifty clocks 13 pc gain

Published

on

New Delhi, Dec 21: Riding on resilient economic growth, the domestic stock markets are ending 2024 on a positive note, with Nifty registering a 13 per cent gain (year-to-date) — its ninth consecutive year of positive gains, a Motilal Oswal Wealth Management report said on Saturday.

The first half of the year saw robust corporate earnings, a surge in domestic flows, and a resilient macro landscape, driving the Nifty to an all-time high of 26,277 in September.

In fact, the markets navigated significant events, such several global geo-political issues, General Elections and Budget in India, and any dips were swiftly met with strong buying activity, the report mentioned.

“The year 2025 could unfold as a tale of two halves. The first half may continue to see market consolidation, while a recovery could take place in the second half,” it added.

In the last two months, the market has corrected 11 per cent from its all-time high, amid selling by foreign institutional investors (FIIs) due to a combination of domestic and global factors.

Going forward, the Indian markets are likely to face significant influences from a combination of global and domestic economic events.

The anticipated rate cut by the RBI in February, the ongoing trend of US rate cuts, and the expectations surrounding trade policy changes post Donald Trump taking over as US President in January will contribute to market volatility.

“Additionally, the Union Budget in February will offer important signals to the market. With a fragile global economic environment and mixed macroeconomic factors at home, the market is expected to remain in consolidation mode in the near term,” the report noted.

Earnings are expected to recover in H2 FY25, driven by increased rural spending, a buoyant wedding season, and pickup in government spending.

“We further expect earnings to gain momentum, delivering a 16 per cent CAGR over FY25-27E. We remain optimistic about the long-term trend, given the strength of corporate India’s balance sheets and the prospects for robust, profitable growth,” the report said.

Continue Reading
Advertisement
Advertisement

Trending