Vedanta Ltd Plans To Sell Its TN Copper Plant

22 Jun 2023 , 01:50 PM

Vedanta Ltd, promoted by billionaire Anil Agarwal, is considering selling its copper plant in Tamil Nadu. The company is seeking a valuation of Rs 4,500 crore for the unit.

As per news reports, Vedanta Ltd’s previous attempts to sell the plant did not yield positive responses as it has been closed for the past five years.

Vedanta has restarted the process and bankers are reaching out to potential bidders. The company invited expressions of interest (EoIs) in June 2022 to restart operations following a Supreme Court direction.

The plant was shut down by the Tamil Nadu Pollution Control Board (TNPCB). Vedanta has challenged the closure decision in the Supreme Court, and the final verdict is expected in August.

The sale of the unit would help Vedanta Resources (VRL), the parent company of Vedanta Limited, raise funds to repay its debt. The proceeds from the sale would contribute to Vedanta’s capital expenditure plans of $1.7 billion for this year.

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