Tamil Nadu: Vedanta Offers To Sell Sterlite Copper Smelter In Thoothukudi
Oil and metals conglomerate Vedanta Ltd. offered to sell Sterlite's copper smelter complex in Tamil Nadu's Thootukudi
New Delhi: Oil and metals conglomerate, Vedanta Ltd., offered to sell Sterlite's copper smelter complex in Tamil Nadu's Thootukudi. The unit has been closed for four years as police opened fire on the protesters killing 13 people.
Vedanta along with Axis Bank on Monday invited Expression of Interest (EOI) by the prospective buyers and put the deadline as July 4. The company, with a capacity of 4 lakh tonne per annum (TPA) and an additional 4 lakh TPA capacity, hasn't revealed the financial details.
In a newspaper advertisement that appeared on Monday, Vedanta said, "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."
The plant has remained closed since May 2018, following prolonged protests by the locals, who sought closure of the plant for alleged pollution. In response, Vedanta moved Supreme Court against state government's decision to permanently shut the copper smelter after repeatedly denying the allegations, said a Reuters report.
The oil and metals conglomerate said that it is committed to the Tamil Nadu government and working towards the development of the state and employment generation in the state.
The company reportedly highlighted the copper smelter's contribution to 95 per cent of TN's sulphuric acid requirement and 12 per cent of Thootkudi port's revenue. Besides these contributions, the company has offered direct employment to 5,000 people and indirectly 25,000 people were employed, said a Times of India report.
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