On Tuesday, the Supreme Court granted Vedanta Industries permission to operate its oxygen production unit at the Sterlite copper plant in Thoothukudi, Tamil Nadu, on a "standalone" basis, reports ANI. The permission was given in light of the severe Oxygen shortages that many states in the country are experiencing as a result of Covid-19's second wave.
Shares of The company were seen trading at Rs 241, up 2.05% on NSE at 01.13 on IST.
After taking into account the decision made by the Tamil Nadu government at an ad hoc meeting, a Supreme Court bench led by Justice DY Chandrachud issued the order. Due to pollution issues, the state ordered the 400,000-tonne-per-annum Sterlite copper smelter in Tuticorin to close in May 2018.
The decision was made in response to a request to reopen Vedanta-copper Sterlite's plant in Tamil Nadu for the purpose of producing oxygen for medical use.
In the face of rising covid cases, the Tamil Nadu government convened an all-party meeting on Monday and decided to allow Vedanta's Sterlite Industries in Tuticorin to generate oxygen for a four-month duration. The meeting was chaired by Chief Minister K Palaniswami, and it was attended by the key opposition party DMK, among others.