Vedanta has issued an EoI request for its Tuticorin-based smelter, which has been closed since mid-2018 due to a Tamil Nadu government injunction. The deadline for submitting EoI is July 4th, and bids are being solicited in collaboration with Axis Capital.
Vedanta has invited Expression of Interest (EoI) for its Tuticorin-based smelter, which has been shut since mid-2018, following a Tamil Nadu government order. The last day to submit EoI is July 4th, and the bids have been invited in conjunction with Axis Capital.
Plant units, including oxygen generation facility as well as residential homes, are also part of the sale offer. The plant has faced closures over alleged violation of environmental norms.
Vedanta has put up an advertisement seeking offers for the facility – Sterlite Copper – which produced 40% of India’s copper before it was shut down. It employed 5,000 people directly and another 25,000 indirectly at the time of its shutdown.
Vedanta in a statement said” The plant produces approximately 40% of India’s demand for copper and contributes around INR 2,500 crores to the exchequer, 12% of Thoothukudi port’s revenue, 95% market share for Sulphuric Acid in Tamilnadu, direct employment to 5000 people and another 25,000 indirectly through the value chain. The plant meets the highest standards of ESG and environment standards compared to global peers. The plant plays a vital role in meeting the growing domestic demand of copper and meeting India’s commitment to a green economy.”
Note:- Vedanta Limited is an Indian multinational mining company headquartered in Mumbai, India, with its main operations in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha.
