Rise In Import Of Refined Copper Due To Closure Of Stertlite Plant Cost India $2.5 Billion, Says IFC Report

A report titled 'Economic and Social Impact of Vedanta' published by the Institute for Competitiveness (IFC) has estimated that the closure of Sterlite's Copper unit in Tuticorin, Tamil Nadu may have cost India around $2.5 billion in the form of increased import of refined copper, reports Money Control.

The plant owned by Vedanta was shut down in May 2018 on government order after 13 people had been killed in police firing while protesting against the functioning of the plant, alleging massive pollution caused by it.

The report has also pointed out that the overall induced impact of the Vedanta Group stands at approximately 2.2 per cent of the Gross Domestic Product (GDP) which is close to Rs 3.74 lakh crore.

The report, while estimating the cost incurred by India because of imported refined copper, took into account the Tuticorin plant's production figures from FY18 which stood at 403-kilo tonne, and used the global copper prices which presently hover around $6,200-6,300 per tonne.