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Vedanta Invites Bids to Sell National Asset Copper Plant
June 21, 2022
Vedanta Ltd. is in exploratory stages of deciding to sell its Sterlite Copper unit based in Tuticorin, Tamil Nadu by inviting bids from interested buyers. In an exchange filing, the company indicated that since the matter was only at an exploratory stage, any such final proposal will only be carried after compliance and regulatory approvals. Since 2018, the plant has been shut due to protests. At that time, the plant used to produce around 40% of India’s demand for copper and about INR 25bn ($320mn) was contributed to the exchequer. Since then, Sterlite Copper has lost more than INR 40bn ($510mn) due to the plant shutdown. Vedanta is evaluating opportunities to build a new copper plant with 500k ton capacity unit in another state.
VRL’s dollar bonds were trading lower with its 8.95% 2025s down over 0.46 points to 87.04 yielding 14.91%.
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