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| Exchange Disseminated Time 27/08/2015 10:51:54 | With reference to the news item appearing in the Media reports titled "Vedanta Kicks off process to shut Lanjigarh refinery”.
In this regard, Vedanta Ltd has Clarified to BSE as under:
"the aluminium prices the world over have collapsed in the past few months and current indications are that this trend will continue. Our Lanjigarh operations have additionally been affected by the non-availability of bauxite from within the State of
Odisha. As a result, our cost of production is significantly higher and is impacting the viability of our Lanjigarh operations. While we continue to do our best to sustain the operations, we are severely constrained by this excessive cost burden on our Lanjigarh operations but seem to be left with no choice to implement a gradual closure.
We will formally update you once we action this step." |
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