Wrong, baseless and incorrect: Vedanta on reports about selling its Sterlite Copper Plant in Thoothukudi

Vedanta invited expressions of interest (EoIs) for the unit in June 2022 but did not get a positive response as the plant was closed for the last five years.

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26 Aug, 2025 12:21

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Billionaire Anil Agarwal-led Vedanta Ltd on June 22 refuted reports of company selling its Sterlite Copper Plant in Thoothukudi, Tamil Nadu for Rs 4,500 crore.

Basing such reports as "wrong, baseless and incorrect," Vedanta said that Sterlite Copper is a national asset and had contributed to 40 percent of India's copper.

Vedanta's comments come after a report stated that Vedanta Ltd, which is planning to revive its copper plant in Tamil Nadu, is exploring options to sell the unit at a valuation of Rs 4,500 crore.

The company invited expressions of interest (EoIs) for the unit in June 2022 but did not get a positive response as the plant was closed for the last five years. “The process has now started again with bankers reaching out to potential bidders,” Business Standard quoted an unnamed banking source as saying. Moneycontrol couldn't verify the development independently.

The company invited EoI on June 12 to "restart activities" following the Supreme Court's direction. The plant was shut down on the orders of the Tamil Nadu Pollution Control Board (TNPCB).

"As the country has become a net importer of Copper, which has adversely impacted inter‐alia the downstream and ancillary industries and hence, there has been a growing demand for Vedanta‐Sterlite Copper to restart its operations," the mining company further said in a regulatory filing.

Meanwhile, shares of Vedanta on June 22 closed 0.21 percent lower at Rs 280.65 apiece on the BSE.