Vedanta denies claims of selling Sterlite Copper plant

23 Jun 2023 , 10:00 AM

Vedanta Limited dismissed news of selling the Sterlite copper plant in Thoothukudi. Following this, Vedanta’s counter slipped as much as 1%.

According to a filing with BSE, Vedanta said that claims made by several media articles of selling its Sterlite Copper plant are baseless. The company further stated in its notification, “Concerning the said matter, we have noticed that certain media sections have carried out the news article that the company is selling Sterlite Copper Plant, Thoothukudi. The company refutes the said media articles as they are completely wrong, baseless, and incorrect.

‘Vedanta-Sterlite Copper plant is considered a valuable national resource and played a significant role in contributing nearly 40% of India’s copper production. However, the country’s shift to being a net importer of copper has had negative consequences for various industries dependent on downstream and ancillary operations. As a result, there is an increasing call for the revival of Vedanta-Sterlite Copper and the resumption of its functioning.’

Recently, mining major Vedanta also informed the bourses that it donated a total of Rs 155 crore to political parties during the financial year 2022-23. The miner has donated the amount via subscription of electoral bonds.

At around 9.57 AM, Vedanta was trading 0.73% lower at Rs 278.60, against the previous close of Rs 280.65 on NSE. The counter touched an intraday high and low of Rs 280.85 and Rs 276.60 respectively.

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