Vedanta Group plans to set up a coastal copper smelter in India for Rs 10,000 crore as it suffers a daily loss of Rs 5 crore for a plant that has been shut for nearly three years in Tamil Nadu.
The company has sought expression of interest from coastal states wishing to partner in the project that would have an investment potential of about Rs 10,000 crore through a newspaper advertisement on Wednesday.
Project need
According to Vedanta, the proposed project would need about 1,000 acre in proximity to port along with logistics connectivity with conveyor/corridor of rail and road to handle five million tpa material movement on both in-bound and out-bound sides.
Benefits from the project
The project has an investment potential of around Rs 10,000 crore, will provide direct and indirect employment to 10,000 people and will contribute around Rs 3,000 crore to the exchequer annually.
Past Event
The Tamil Nadu government had ordered the copper smelter plant to be shut down in 2018 following a violent protest that led to the death of 13 persons in police firing.
The 400,000 ton Sterlite Copper smelter plant that has been operating in Tuticorin for over 25 years with a cumulative investment of about Rs 3,000 crore.
However, from the start, Sterlite Copper smelter plant has been facing protests by the local people alleging that it pollutes the environment.
The Supreme Court is hearing the case on an appeal filed by the company against the Madras High Court’s refusal to reopen the Sterlite Copper smelter plant in Tuticorin.
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