Vedanta offers to sell copper smelter complex in Tamil Nadu
New Delhi:
India’s oil-to-metals conglomerate Vedanta Ltd on Monday offered to sell a copper smelter complex in Tamil Nadu that was closed four years ago after police opened fire during protests that killed 13 people. Went.
Potential buyers have till July 4 to submit an expression of interest, the company said without giving financial details.
Vedanta’s 400,000 tonnes per annum copper smelter in the port city of Thoothukudi was ordered to be shut down by Tamil Nadu in May 2018, a week after deadly protests demanded the closure of the plant for alleged pollution.
The incident, in which 12 protesters were shot and one died from other injuries, has been condemned by a working group of UN human rights experts for “excessive and disproportionate use of deadly force by police” Was.
Vedanta, which has repeatedly denied allegations that the smelter is polluting, has challenged the Tamil Nadu state’s decision to permanently shut down the smelter in the Supreme Court. The smelter was operated by its unit, Sterlite Copper.
It is not clear when the Supreme Court will hear the matter.
“Interested and financially capable parties shall submit an expression of interest along with company profile and other relevant credentials by 1800 hours, 4 July 2022,” Vedanta said in a newspaper advertisement on Monday.
The company controlled by billionaire Anil Agarwal said in March 2021 that it was looking for a state government partner to set up a new, 100 billion rupees ($1.37 billion) copper smelter.
Vedanta said the proposed 500,000 tonne per annum copper smelter could employ 10,000 people, adding that it is looking for a site of 1,000 acres close to a port. It was not immediately clear whether the proposal received any interest.
Shares of Vedanta fell 10 per cent to Rs 237.60 ($ 3.05) in early trade on Monday, the lowest level in a year.