Vedanta inches higher on renewed push to sell Tamil Nadu copper plant

Vedanta is reportedly looking to sell the Thoothukudi plant, which was shut down in 2018 on the orders of the Tamil Nadu Pollution Control Board, at a valuation of up to Rs 4,500 crore

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Shares of Vedanta gained around a percent on June 22 morning following reports that the metals major is looking to sell its copper plant in Tamil Nadu for around Rs 4,500 crore.

Vedanta, which is planning to restart its copper plant in Tamil Nadu’s Thoothukudi, is looking to sell the unit at a valuation of up to Rs 4,500 crore, Business Standard reported, citing banking sources.

At 9.40 am, shares of the mining major were up 0.3 percent at Rs 282.2 on BSE.

The company had invited expressions of interest (EoIs) for the unit in June 2022 but did not get a positive response as the plant was closed for the last five years. “The process has now started again with bankers reaching out to potential bidders,” the report quoted an unnamed banking source as saying.

The company invited EoI on June 12 to “restart activities” following the Supreme Court’s direction. The final judgment is expected by August 2023. The plant was shut down on the orders of the Tamil Nadu Pollution Control Board (TNPCB).

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Another report said, before its closure in 2018, this unit used to contribute to around 40 percent of the country’s total copper smelting capacity and 95 percent market share of sulphuric acid in Tamil Nadu.

The natural resources conglomerate has already invested $1.2 billion in FY23 to augment its assets and production, Vedanta’s Chairman Anil Agarwal said in the company’s annual report for 2022-23. He intends to commit another $1.7 billion in FY24 towards growth projects.

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