ANIL AGARWAL, Founder and Executive Chairman, Vedanta Resources Limited, is a multi-faceted industry leader and a nationalist. In an exclusive interview with BW Businessworld’s Suman K. Jha, Agarwal outlines his vision for the company and for India. Excerpts:
When do you plan to open the Tuticorin plant after the go-ahead by the Supreme Court and the National Green Tribunal?
Nothing can happen without copper. Copper has to be processed. In the world, about 16 (companies) make copper. We believe we make copper using one of the best technologies. After setting up the plant, we have been catering to 50 per cent to 60 per cent of the demand in the country. About 200 industries are dependent on us. Hundreds of thousands of livelihoods are dependent on this (plant). Also, the fertiliser companies are dependent on us.
We have no idea how this situation happened. The plant was shut down. We have always said we are ready for any kind of inspection. The Supreme Court has directed the NGT to get into details and give them a report. The NGT has come out with a report and said that the plant is to be reopened. They have made a suggestion for a further investment which was not necessary, but we have said that whatever suggestion they have made we will complete in due course. Meanwhile the court has said the plant is to be reopened.
I fully believe in the Supreme Court. I believe in the system in India. The government is losing thousands of crores in revenue. Thousands have lost their jobs. It’s in the interest of all that we reopen the plant as quickly as possible. At the same time we have to see that the people don’t take undue advantage of the democracy that India is.
What about the mining issue in Goa?
Between Goa mines and Tuticorin, we have got, maybe, five per cent of our total business. It’s a livelihood issue for Goa. For the last 70 years, the economy of the state was dependent on this. There were no environmental issues.
We are working with the people and the court. Very soon some resolution will be there.
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