Vedanta plunges over 12% after company puts Tuticorin copper smelter plant on sale


NEW DELHI: Shares of Vedanta plunged over 12 per cent on Monday after the company offered to sell a copper smelter complex in Tamil Nadu that was closed 4 years ago.
The mining major crashed 12.67 per cent on the benchmark BSE sensex to close at Rs 230.25. While, on the NSE the share declined 12.01 per cent to finish at Rs 232.25.
Vedanta has invited Expression of Interest (EoI) to sell its shut Sterlite copper plant in Tamil Nadu’s Tuticorin.
The plant has been shut since May 2018 after a police firing killed 13 people during a protest against environmental pollution allegedly caused by the plant.
Along with the copper plant, smelter complex, sulphuric acid plant, copper refinery, continuous copper rod plant, phosphoric acid plant, effluent treatment plant, captive power plant, RO units, oxygen generation plant, and residential complex with amenities are also up for sale.
The last day to submit the Expression of Interest is July 4.
“Interested and financially competent parties shall submit expression of interest along with company profile and other relevant credentials latest by 1800 hours, 4th July 2022,” Vedanta said in a newspaper advertisement on Monday.
The proposed 500,000 tonnes per annum copper smelter could employ as many as 10,000 people, Vedanta said, adding that it was looking for a 1000-acre site close to a port. It is not immediately clear if the proposal received any interest.
(With inputs from agencies)


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