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Norwegian pension fund decision echoes in SC: Vedanta can’t mine in Orissa hills

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  • It will have to commit to Rs 55 crore for Net Present Value for forest destruction , Rs 50 crore for wildlife management plan, Rs 10 crore or 5% of profits before tax (whichever is more) from mining projects all over the country to the Orissa government, and Rs 12.20 crore for tribal development. It will also have to supply a list of people the project will absorb on a permanent basis.

    The activists, while welcoming the decision, have begun to train their guns at Sterlite too: “While we appreciate the concern of the Court in taking the mining rights away from Vedanta Resources PLC, which is not even listed in India, we are at a loss to understand how the same can be considered for Sterlite even through an SPV.”

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