The violence that resulted in deaths of 13 people in police firing at the Sterlite Copper plant in Tamil Nadu's Thoothukudi, has blemished Vedanta's reputation for years. After that, the state government had permanently shut down operations at the unit, but five years later the Supreme Court allowed Vedanta to reopen the plant for its upkeep.
Now the mining giant has reportedly invited expressions of interest to sell the plant for Rs 4,500 crore.
The Anil Agarwal promoted firm had also sought EoIs last year in June, but since the plant wasn't operational, it failed to get any response from potential buyers.
SC's verdict brings hope
But now that things have changed after the apex court's intervention, the company has renewed its push ahead of a final verdict on the matter expected in August 2023.
Reports of the sale of the plant in Tamil Nadu have also emerged at a time when Vedanta's $2.5 billion debt bill has become a major risk.
It's move to pay record dividends from subsidiaries to the parent firm to meet obligations, is expected to affect the availability of cash that may restrict future dividend payouts.
A Rajasthan-based NGO had also carried out a study that showed how the closure of the plant caused a loss of almost Rs 15,000 crore to the economy.