Vedanta shares plunge after company puts Tuticorin copper smelter plant on sale
Published On: Monday, June 20, 2022 | By: Team KnowMyStock
Shares of the multinational mining company Vedanta tanked nearly 12 percent to their fresh 52-week low to Rs R221.8 today after the firm invited expression of Interest (EoI) for its Tuticorin-based smelter, which has been shut since mid-2018, following a Tamil Nadu government order. 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. The last day to submit EoI is July 4, 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 violations of environmental norms, as per the advertisement."Interested and financially competent parties shall submit an expression of interest along with a company profile and other relevant credentials latest by 1800 hours, 4th July 2022," Vedanta said in a newspaper advertisement on Monday.
At the time of closure, it employed 5,000 people directly, and another 25,000 indirectly. 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.
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