Vedanta Tuticorin Copper Plant On Sale: There are events recently that are hinting at the Mining company having invited the Expression of Interest (EoI) for its Tuticorin-based smelter that was closed for more than four years. This is done after a certain order that was issued by the Tamil Nadu Government. The bidding will be called along with Axis Capital and the last day to submit EoI is July 4. There have been advertisements put up that are for the sale of the company. It also states that the smelter had accounted for about 40% of the output of copper in India. And before the company closed there were 5000 that were working directly and 25,000 were working indirectly with the firm. The capacity of the Vedanta plant was set at a limit of 4 lakh tonnes in a year. Follow More Updates On UptoBrain.com
Vedanta Tuticorin Copper Plant
The sale includes everything many things such as units of the plant, a facility for oxygen generation, and also the residential homes. The smelting unit of Vedanta was also facing a lot of protests that demanded the closure of the unit. This was due to concerns that were raised on issues of environmental norm violation.
The protests were instigated by the local populace of Thoothukudi in May 2018. They wanted to speak up on the expansion of the plant that was starting to become a cause of concern for the environment due to the rising levels of pollution that were created by the plant. This had also led to the closure of the plant during the tenure of the AIADMK Government which was headed by Edappadi Palaniswami, following the events of massive protests.
The company then went on to a legal path to go against the state pollution regulator’s order to close the plant and suspend all its services at the earliest. The case was taken to the Supreme Court of India after the Madras High Court dismissed the company’s plea to return the order.
The staff of the company has been cut short amidst the chaotic order and some of the staff was shifted to other factories. The share price of the company has also fallen by more than 10% and is now at INR 245.
The main cause of concern these days has been the damage that is done to the environment and this has been the case for quite a while. If nothing is done then we might get closer to a global epidemic as the earth falls into chaos.