Vedanta has invited Expression of Interest (EoI) for its Tuticorin-based smelter, which has been shut since mid-2018, following a state government order. The last day to submit the EoI is July 4, and the bids have been invited in conjunction with Axis Capital.
Vedanta share price dropped 12 percent intraday on June 20 after the company put on sale its copper plant in Tamil Nadu.
Vedanta has invited Expression of Interest (EoI) for its Tuticorin-based smelter, which has been shut since mid-2018, following a state government order. The last day to submit the EoI is July 4, and the bids have been invited in conjunction with Axis Capital.
Plant units, including oxygen generation facility as well as residential homes, are also part of the sale offer. The plant has faced closures over alleged violation of environmental norms, as per the advertisement.
Vedanta has issued an advertisement inviting bids for the unit – Sterlite Copper, which accounted for 40 percent of India’s copper output, before it was closed. At the time of closure, it employed 5,000 people directly, and another 25,000 indirectly.
At 12:08pm, Vedanta was quoting at Rs 232.25 apiece on the BSE, down Rs 11.99 percent, while benchmark Sensex was at 51,601.31, up 240.89 points or 0.47 percent.
The share touched a 52-week high of Rs 440.75 and a 52-week low of Rs 242.60 on 11 April, 2022 and 18 June, 2021, respectively.
Currently, it is trading 43.69 percent below its 52-week high and 2.31 percent above its 52-week low.
