With reference to the news item appearing in the Media reports titled ‘Vedanta Kicks off process to shut Lanjigarh refinery’. In this regard, Vedanta has clarified that the aluminium prices the world over have collapsed in the past few months and current indications are that this trend will continue. Their Lanjigarh operations have additionally been affected by the non-availability of bauxite from within the State of Odisha. As a result, their cost of production is significantly higher and is impacting the viability of their Lanjigarh operations. While they continue to do their best to sustain the operations, they are severely constrained by this excessive cost burden on their Lanjigarh operations but seem to be left with no choice to implement a gradual closure. They will formally update you once they action this step.
The above information is a part of company’s filings submitted to BSE.
