Vedanta Group is reportedly looking to sell off a copper plant in Tamil Nadu as the cash-strapped group hunts for funds to repay its large debt.
What Happened? The Anil Agarwal-led firm is eyeing a valuation of ₹4,500 crore for the unit, which it plans to revive, banking sources told Business Standard.
The group had sought expressions of interest for the plant in June 2022 but did not receive satisfactory bids. The sources told the publication that the process had now restarted.
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The company has been looking to “restart activities” as per the Supreme Court’s direction. The plant was earlier shut down on the orders of the Tamil Nadu Pollution Control Board (TNPCB). Vedanta had approached the Supreme Court against the order, with the matter slated to be decided in August.
The Vedanta Group has been trying all it can to service its large debt. The firm has been hardpressed for cash since the sale of its zinc-mining unit to its subsidiary, Hindustan Zinc, fell through.
Last month the firm reportedly reached a deal to borrow $850 million (₹7,041 crore) via a five-year loan agreement with investment firms JPMorgan Chase & Co. and Oaktree.
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