Vedanta’s Sterlite Copper smelting plant at Thoothukudi in Tamil Nadu is back in the news. The plant was closed in May 2018 after the TNPCB ordered it shut due to pollution concerns, with many political as well as legal hurdles. Looks like the promoter, Anil Agarwal has had enough and he is apparently selling off the plant. The company over weekend invited expression of interest from the potential buyers.
The last day to submit the EoI is July 4, and the bids have been invited in conjunction with Axis Capital.
Vedanta had invested Rs.3000 crore in this plant and has lost Rs.4000 crore since 2018’s shutdown.
News is that Vedanta is likely to set up the plant in another state and had earlier invited expression of interest from state governments.
The stock is among the top five losers on the BSE since the morning today; it slumped down 13% to hit a new 52-week low at Rs.229.50.