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Closure of Sterlite plant cost India $2.5 billion: IFC Report

The report claimed that India has emerged as a net exporter of copper since 2012 but this trend was offset in FY18-19 due to the shutdown of Vedanta's Tuticorin plant

July 31, 2019 / 04:40 PM IST

The closure of Sterlite Copper's Tuticorin plant may have cost India around $2.5 billion (Rs 250 crore) due to rise in import of refined copper, as per an Institute for Competitiveness report on the 'Economic and Social Impact of Vedanta'.

The estimate is based on the production FY17-18 figures of Sterlite which stood at 403-kilo tonne, in comparison to global copper prices which hover around $6,200-6,300 per tonne.

The Vedanta-owned company's unit in Tamil Nadu was shut in May 2018 on government order after 13 people were killed in police firing while protesting against alleged pollution caused by the plant.

The report pegged Vedanta's overall induced impact (not including the Tuticorin plant) at 2.2 percent of the GDP (approx. Rs 3.74 lakh crore).