Sterlite Copper is up for sale
The Hindu
The announcement has come as a surprise because in the last few years officials from Sterlite Copper have been saying closing the plant, selling the plant or moving away from Tamil Nadu was not on cards.
Sterlite Copper, part of the Vedanta Group has invited Expression of Interest (EOI) for its Thoothukudi based plant, which has been under lock and key since 2018.
The company has put out an advertisement which said: “Vedanta, in conjunction with Axis Capital, invites Expression of Interest for the sale of its Copper plant along with its other units which includes Smelter Complex (primary and secondary), sulphuric acid plant, copper refinery, continuous copper rod plant, phosphoric acid plant, effluent treatment plant, captive power plants, RO units, oxygen generation unit and residential complex.”
The Thoothukudi plant has an installed capacity of 4,00,000 MTPA of integrated copper smelter and refinery another 4,00,000 MTPA under expansion. When the plant was operational it provided employment to over 5,000 people and to another 25,000 indirectly through the value chain. It also then produced approximately 40% of India’s demand for Copper and contributes around Rs.2,500 crore to the exchequer, 12% of Thoothukudi port’s revenue, 95% market share for sulphuric acid in Tamil Nadu. The company claimed Vedanta is committed to the state and its people to contribute towards development, revenue and employment generation.
The announcement has come as a surprise because in the last few years officials from Sterlite Copper have been meeting several people and saying closing the plant, selling the plant or moving away from Tamil Nadu was not on cards. Sources in Thoothukudi said no one was aware of this advertisement as it has come from Delhi team of the company.
Since closure, the Sterlite Copper plant, the company had said it has been incurring a loss of ₹5 crore a day. The company officials recently said around ₹800crore to ₹1,000 crore would be required to revamp the plant, if and when the permission came.
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