Vedanta has been allowed by the Supreme Court to provide for the maintenance of its Sterlite Copper plant in Tamil Nadu in view of “national interest”. Vedanta had filed applications seeking relief from the apex court to upkeep the smelter plant that was shut in 2018 due to protests regarding its environmental impact and public health risks. Prior to its shutting down, it used to contribute 36% of domestic copper production post which India has become a net importer of the metal. In early February, Vedanta decided to halt plans to sell Sterlite Copper with sources noting that it was focused on restarting operations there with a key role in the nation’s shift towards electric vehicles and renewables.
Vedanta’s dollar bonds were trading stable with its 7.125% bonds due May 31 trading at 95 cents on the dollar with an annualized yield of 46.55%.
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