Vedanta shares tumble over 1% as subsidiary partners with GAIL Gas for sustainable aluminium production
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Shares of Anil Agarwal-led Vedanta tumbled by 1.4% to their day’s low of Rs 437.10 on the BSE as the company’s subsidiary and India’s largest aluminium producer Vedanta Aluminium has partnered with GAIL Gas to secure natural gas supplies for its Jharsuguda smelter. Under the agreement, GAIL Gas will construct a 7.5 km pipeline to deliver around 32,000 standard cubic metres (SCM) of natural gas daily to Vedanta’s Jharsuguda smelter, the largest aluminium plant in the world., as reported by ET earlier. This is a five-year contract and will primarily support a new 430 kilo tonnes per annum (KTPA) cast house designed to produce billets and other high-value aluminium products. This initiative aims to significantly cut carbon emissions and bolster production, aligning with Vedanta's goal of achieving Net Zero emissions by 2050. The transition to natural gas is expected to commence by the end of 2025 and will result in an annual reduction of...