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Vedanta plans to set up copper smelter plant in India
Billionaire Anil Agarwal-led Vedanta Ltd plans to set up a coastal copper smelter plant in India for Rs 10,000 crore.
The move comes nearly three years after its plant in Tamil Nadu was shut on environmental concerns and at a time when copper prices are on the rise globally.
Vedanta Resources subsidiary Vedanta Ltd has called for Expression of Interest (EoI) from state governments for the 500 KTPA (Kilo Tonnes Per Annum) smelter plant that will require around 1,000 acres of land.
As per the EoI document issued on Wednesday, the project has an investment potential of about Rs 10,000 crore that will provide direct and indirect employment to 10,000 people and will contribute around Rs 3,000 crore to the exchequer annually.
''The copper smelter of 500 KTPA will require footprint of around 1,000 acres in proximity to port along with logistics connectivity with conveyor/corridor of rail and road to handle 5 mtpa material movement on both in-bound and out-bound side,'' as per the document.
Earlier this month, copper end-user industry bodies had urged the Tamil Nadu government to ''work out a solution'' to restart operations at Sterlite Copper plant in Tuticorin, which catered to around 40 per cent of India's total requirement of the metal.
The industry bodies, whose members constitute SME and MSME units had said that the closure of the plant has caused supply disruptions, leading to a rise in imports and increased cost of production.
In May 2018, the Tamil Nadu government ordered the pollution control board to seal and ''permanently'' close the plant, following violent protests over pollution concerns.
Sterlite Copper later moved the Supreme Court to resolve the issue, where the matter is pending.