Church of England sells Vedanta stake
London, Feb. 5: The Church of England has sold all its stake in mining giant Vedanta Resources on concerns over the company’s human rights record. The Church of England had held shares in Vedanta worth approximately £3.8 million.
Vedanta, which is listed on the London Stock Exch-ange, is owned by the non-resident Indian billionaire, Mr Anil Agarwal.
The Church of England said that it was "not satisfied that Vedanta has shown, or is likely in future to show, the level of respect for human rights and local communities that we expect of companies in whom the church investing bodies hold shares."
The Church of England had come under intense pressure from British human rights activists since last year to divest its investments in the Vedanta group over its plans for a massive bauxite mine in Lanjigarh, Orissa.
"The church commissioners and the Church of England Pensions Board have sold their shares in Vedanta Resources on the advice of the church’s Ethical Investment Advisory Group," the Church of England said in a statement on Friday.
As a result, the statement claimed that none of the three national investing bodies of the Church of England hold shares in the company.
The group said it will maintain contact with Vedanta and would review its decision "if the company addresses the concerns we have raised," the statement added.
AGE CORRESPONDENT
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