India’s oil-to-metals conglomerate Vedanta Ltd yesterday offered to sell a copper smelter complex in southern Tamil Nadu state that was closed four years ago after police opened fire during protests, which culminated in 13 deaths.
Prospective buyers have until July 4 to submit expressions of interest, the company said, without giving financial details.
Vedanta’s 400,000 tonnes per annum copper smelter in the port city of Thoothukudi was ordered closed in May 2018 by the Tamil Nadu government, a week after the deadly protests that sought the plant’s closure for alleged pollution.
The incident, in which 12 protesters were shot dead and one died from other injuries, was condemned by a working group of UN human rights experts for the “excessive and disproportionate use of lethal force by police.”
Vedanta, which has repeatedly denied allegations of the smelter being polluting, has challenged Tamil Nadu’s decision to permanently shut the smelter at the Indian Supreme Court. The smelter was operated by its unit Sterlite Copper.
It is not clear when the Supreme Court will hear the case.
“Interested and financially competent parties shall submit expression of interest along with company profile and other relevant credentials latest” by 6pm on July 4, Vedanta said in a newspaper advertisement.
The company, controlled by billionaire Anil Agarwal, said in March last year that it was looking for a state government partner to set up a new, 100 billion rupees (US$1.28 billion) copper smelter.
The proposed 500,000 tonnes per annum copper smelter could employ as many as 10,000 people, Vedanta said, adding that it was looking for a 405 hectares site close to a port. It is not immediately clear if the proposal received any interest.
Shares of Vedanta fell as much as 10 percent in early trading yesterday to 237.6 rupees, the lowest in more than a year.
AI TREND: TSMC has been rapidly expanding capacity to meet a spike in demand for advanced packaging services, but still expects supplies to be tight for 18 months Arizona is in talks with Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) about advanced chip packaging, state Governor Katie Hobbs said yesterday, which is crucial for the manufacturing of artificial intelligence (AI) chips. TSMC, which is building a US$40 billion chip factory in the US state, has not announced plans to build facilities for advanced chip packaging in the US. Advanced packaging processes stitch multiple chips together into a single device, lowering the added cost of more powerful computing. “Part of our efforts at building the semiconductor ecosystem is focusing on advanced packaging, so we have several things in the works around that
NXP Semiconductors NV expects its first automotive-grade 5-nanometer chip built by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) to become available for automakers within one-and-a-half years at the earliest, following demand for better computing performance and energy efficiency for connected vehicles, a company executive said yesterday. That would mean a significant upgrade from the 16-nanometer technology NXP adopted in its existing series of microprocessors. NXP chief technology executive Lars Reger made the remarks during a media briefing yesterday in Taipei. The latest updates came after NXP unveiled its plan to source 5-nanometer capacity from TSMC in 2021. This is Reger’s first trip to
Tailwinds: Blockbuster earnings at Nvidia Corp have sparked hopes of a tech sector boom; Taiwanese chipmakers are hopeful benefits will come to them too The worst could be over for the New Taiwan dollar as China’s economic recovery and a rebound in the chip industry will support the beleaguered currency, analysts said. The NT dollar is on course to weaken for a sixth month, the longest stretch since 2006, after foreign funds turned sour on its technology sector and risk sentiment deteriorated on slower growth in China. The tide seems to be turning now on nascent signs of stabilization in China’s economy — its biggest trading partner — following policy boosts. The yuan emerged as the best-performing Asian currency last week, followed by the Japanese yen
The European Commission’s digital chief yesterday said that murky Chinese laws were fueling concerns among foreign firms in the country, following discussions with Beijing officials about critical areas such as artificial intelligence (AI) and data governance. Vera Jourova, who is also the commission’s vice president, made the comments after meeting on Monday with Chinese counterparts including Vice Premier Zhang Guoqing (張國清) in the second “High-level Digital Dialogue” between the two sides. Among the concerns Jourova said she had heard about from European businesses in China was the “unpredictability of the decisions and interpretation of the laws by the regulators.” Beijing has recently implemented