In April 2015 Sesa Sterlite changed their name to Vedanta ltd to “better align with its international identity”1.
Sesa Sterlite, formed in 2013 and based in India, is a mining company created by the merger of Sterlite Industries, Sesa Goa, Vedanta Aluminium (VAL) and Malco. All of which are former subsidiaries of the British metals and mining company Vedanta Resources Ltd.2Vedanta, itself continuously criticized for environmental, health and safety, indigenous, and human rights issues3, controls a 58.3 % ownership interest in Sesa Sterlite.4 According to the company´s website, Sesa Sterlite “is one of the world’s largest diversified natural resources majors”, focusing on zinc, lead, silver, copper, iron ore, oil and gas.5 Sesa Sterlite is a participant of the UN Global Compact.6
In 2014 the Norwegian Pension Fund Global (GFPG) excluded Sesa Sterlite from its investment universe as its operations in India represent an “unacceptable risk of environmental damage and serious violations of human rights”. Many other investors have also chosen to exclude Sesa Sterlite. Previous human rights and environmental abuses by Sesa Goa, Sterlite Industries and Malco 7 are now, due to the merger, intertwined under the Sesa Sterlite name. Sesa Goa in particular faced several legal challenges related to environmental destruction.
Investor information correct as at publication of Dirty Profits 3.
- Bussiness Standard; 22 April 2015:Sesa Sterlite renamed Vedanta Ltd [↩]
- Business Wire (2013):http://www.businesswire.com/news/home/20130816005744/en/All-Share-Merger-Sesa-Goa-Sterlite-Industries-Effective#.VCv3NS6Sydk (accessed 01.10.2014) [↩]
- Amnesty International (2012): http://www.amnesty.ca/sites/default/files/asa200292012en.pdf(accessed 29.09.2014) [↩]
- Vedanta Resources (2014): http://www.vedantaresources.com/media/165968/fy_2014_ved_annual_report.pdf (accessed 1.9.2014) [↩]
- Sesa Sterlite (2014): [http://www.sesasterlite.com/know-us/key-facts.aspx (accessed 1.9.2014) [↩]
- UN Global Compact (2014): https://www.unglobalcompact.org/participant/8797-Sesa-Sterlite-Ltd- (accessed 9.9.2014) [↩]