M&A

M&A

Vedanta puts up Sterlite Copper plant in Thoothukudi for sale

New Indian Express  

Vedanta Group has invited bids for the sale of its copper smelting plant at Thoothukudi in Tamil Nadu. The plant has been entangled in legal and political issues. In conjunction with the Axis Capital, Vedanta has invited Expression of Interest (EoI) from financially competent parties to buy the unit along with smelter complex (primary and secondary), sulphuric acid plant, copper refinery, continuous copper rod plant, phosphoric acid plant, caprice power plant, oxygen generation unit and residential complex with amenities, along with an expansion project of 4,00,000 Metric Tonnes Per Annum (MTPA), on or before July 4, 2022. Sterlite Copper, functioning in the Thoothukudi SIPCOT premises since inception in 1996, had grown to become a leading copper producer in India, and multiplied its operating capacity to 4,00,000 MTPA. Vedanta changed its plan to set up the copper smelter plant from Ratnagiri in Maharashtra to Thoothukudi, in 1994. In 2013, the company was charged with a massive gas leak incident, with the Supreme Court imposing a fine of INR 100 crore. The TN government issued an order shutting down the plant permanently on May 28, 2018, after police firing on civilians protesting against the plant killed 13 people.