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UK companies linked to devastating Indian mine

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1 July 2009

Vedanta - Sustainable Development

Author: Vedanta

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19 June 2009

UK companies linked to devastating Indian mine

Author: Andrew Wasley, Ecologist

An investigation by the Ecologist has revealed how leading banks, insurance providers, car manufacturers and brewery chains - amongst others - have pension funds or similar schemes invested in a company responsible for a controversial mine in Orissa which threatens, according to campaigners, to devastate a vital forest ecosystem and the homes of an unique tribal community...Vedanta subsidiary Sterlite Industries Ltd is poised to begin mining for bauxite...in India's Orissa state. ..Halifax Pension Fund, Lloyds TSB Group Pension Fund, Norwich Union Life and Pensions Ltd and Prudential Managed Pension Fund, amongst others, are all named as beneficial shareholders in the controversial mining conglomerate. Also listed as shareholders are Axa Sun Life Assurance Society, Jaguar Cars Pension Plan, Land Rover Pension Trustees Ltd, Unilever Pension Fund and Coors Brewers Pension Fund...Whilst there is no suggestion that any of the shareholdings are directly bankrolling Vedanta's planned bauxite mine, shareholders could find their links to the company prove embarrassing as campaigners vow to step up efforts to highlight the mine's environmental and social impact.

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