Acid leak severe at Tamil Nadu copper smelter: Vedanta

Agencies
June 20, 2018

Thoothukudi, Jun 20: Vedanta Ltd said on Wednesday a sulphuric acid leak from a tank at its southern Indian copper smelter was severe and inaction could lead to serious environmental consequences.

The district administration had said on Sunday the leak at the plant in the seaside town of Thoothukudi was minor, and steps were being taken to empty the storage tanks as a safety precaution.

"There is a severe leakage in the pipe flanges and ... the pipe flanges are submerged in the acid pool collected in the dykes around the acid storage tank," the company said in a petition to the Madras high court.

The Tamil Nadu state government ordered a permanent closure of the plant and disconnected the power supply last month following protests over alleged pollution that turned violent and culminated in the police opening fire on protesters, killing 13 of them.

Vedanta, the Indian subsidiary of London-listed Vedanta Resources, said it sought a limited reconnection of the electricity supply for maintenance to guard against a potential loss of life and damage to air and groundwater.

"There is a grave risk and danger as there are other tanks and there are flammable chemicals and materials within the plant area," it said.

However, the district's top administrative official Sandeep Nanduri stuck to the earlier view that the leak was minor.

"That is their version, and this is ours. However, we are completely evacuating the sulphuric acid from all tanks as a safety precaution," said Nanduri.

Activists and residents have demanded a permanent shutdown of the plant, which they said was causing air and water pollution. Locals and activists see the smelter as a risk to fisheries. Vedanta says the protests are based on false notions.

Police said on Wednesday they had arrested about 50 people over the past week, taking the total to 254 for rioting and causing damage to property. Some people said they were being unfairly targeted over the protests and there was an atmosphere of fear in the town and surrounding villages.

Naseeba Bhanu, from a village 115 km from the town, said she had only learnt from a television news bulletin that her husband and two sons, who had taken part in the protests, had been arrested under the National Security Act, which gives police the authority to detain people without charge for up to a year.

Police officer Murali Ramba said things were returning to normal after the violence that erupted last month, the most serious anti-industrial action in years in India.

"Women were sleeping outside their houses till 2 days ago, fearing late-night raids. They have gone back to sleep in their houses after we assured them there was no reason to fear," he said.

The smelter, which has been shut for about three months, accounted for over a third of India's refined copper production and employed over 3,000 people. The company plans to appeal the government's move to shut the plant.

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News Network
May 2,2020

New Delhi, May 2: With 2,293 new cases in the last 24 hours, the highest number of cases in a single day, India's COVID-19 tally reached 37,336 on Saturday, including 1,218 deaths, according to the Ministry of Health and Family Welfare.
As many as 71 deaths were reported in the last 24 hours.

Out of the total number, 9,951 people have been cured/discharged/migrated.

In the state of Maharashtra, the number of coronavirus positive cases has crossed the 10,000-mark with at least 485 deaths.

The positive cases in Maharashtra has reached 11,506, including 1,879 discharged cases.

After Maharashtra, Gujarat has the most number of COVID-19 cases (4,721). The state has reported 236 deaths, while 735 people have been discharged.

The Centre on Friday extended the ongoing nationwide lockdown for two more weeks with effect from May 4 till May 17 while allowing different sets of relaxations in red, orange and green zones.

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News Network
April 20,2020

Thiruvananthapuram, Apr 20: Kerala Chief Minister Pinarayi Vijayan on Sunday alleged that efforts were being made to undermine the achievements of the state government in its fight against Covid-19 and said he was "ignoring" them as it was not the time for controversies.

The Opposition Congress has been raising allegations that a US-based company had been entrusted with the task of collecting data regarding the virus-infected patients in the state, in violation of fundamental rights.

"Many developed nations are in awe of the achievements of Kerala in its fight against Covid-19 pandemic. This is the speciality of Kerala model," Vijayan said. Referring to the data collection charge levelled by the opposition parties, Vijayan said some were engaged in slandering the state government.

"Those who think that the government should not have a reputation for effectively handling the coronavirus outbreak are engaged in slandering the state government. It has happened before, it's happening now also. This is not the time to go behind controversies. People are watching and they will evaluate," Vijayan said in his weekly interactive programme 'Naam munnott'.

He said he had decided to ignore such controversies. The ward-level committees, set up by the government for the anti-coronavirus fight, was collecting information of those under home isolation, elderly persons and those at the risk of the disease using a questionnaire in this regard and upload it on the server of the private agency. The Congress has alleged that the data, collected through the government machinery, was being uploaded not on the government server but on that of the foreign company.

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News Network
January 21,2020

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

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