Tradingmarkets.com, 18th August, 2008
Scottish investment fund Martin Currie Investment has sold shares worth 4.29 million dollar of London-based Vedanta Resources following objections raised by UK-based human rights NGO Survival International on the company's bauxite mining proposal in India.
Sources close to the development said the Scottish fund had decided to sell shares due to the controversy which had arisen following the signing of an agreement between Vedanta Resources and Orissa Mining Corporation for developing the latter's Lanjigarh bauxite mines in Kalahandi district for the alumina project.
The Vedanta group would operate as an agent of the government. The Lanjigarh bauxite mines has a promised reserve of 75 million tons.
According to sources, the Scottish fund decided to exit from Vedanta after the NGO raised objections as bauxite mining in the area would destroy a large portion of forest land and would lead to displacement of local people staying in the region.
The outlay for the project had been pegged at Rs 4,000 crore.
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