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Sterlite Copper CEO Ramnath retires, Pankaj Kumar takes over

The resignation comes amidst protests and closures of the plant in Tamil Nadu's Tuticorin

T E Narasaimhan  |  Chennai 

Vedanta

Group's Copper CEO has retired from the company after an eight-year stint amidst protests and closure of plant in He has passed on the mantle to Pankaj Kumar who has been previously associated with Copper. Kumar comes with over 29 years of experience.

The Tamil Nadu government had in May 2018 ordered the state pollution control board to seal and "permanently" close the mining group's copper plant following violent protests over pollution concerns.

"I have now retired from the services of Copper after a very personally satisfying tenure," said Ramnath, who will continue as Senior Advisor with the organisation.

The matter moved to various courts, including the Supreme Court and NGT, in the last one year. Last month, the Supreme Court refused to allow the reopening of Vedanta’s Sterlite plant in Setting aside the National Green Tribunal’s (NGT) order dated December 15, 2018 which had allowed reopening of the Sterlite plant, the court said that the NGT does not hold any jurisdiction to do so.

The company said that it has been incurring losses of Rs 5 crore daily. Group Chairman Anil Agarwal in July 2018 said that the company could face a loss of $100 million if the plant remained shut for a year.

In May,2018 at least 13 people were killed in police firing on hundreds who marched to the Tuticorin collectorate demanding closure of the plant over pollution fears, following which the state government ordered TNPCB to seal the unit and close the plant permanently, citing a provision of the Water (Prevention and Control of Pollution) Act, 1974.

First Published: Fri, March 15 2019. 12:29 IST
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