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VEDL · price
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Vedanta's wholly-owned subsidiary Talwandi Sabo Power Limited (TSPL) had appealed to the Supreme Court seeking deemed export benefits under Para 8.3 of the Foreign Trade Policy 2009-2014, which it claimed were factored into its bid for setting up a coal-based thermal power project in Punjab under mega power status. On August 19, 2025, the Supreme Court upheld the Appellate Tribunal for Electricity (APTEL) ruling against TSPL and co-appellant Nabha Power Limited (NPL), holding that deemed export benefits under the FTP were not available to in-situ coal-based thermal power plants and that the withdrawal of such benefits did not qualify as a 'Change in Law' event entitling compensation under the Power Purchase Agreement with Punjab State Power Corporation. Vedanta stated it is reviewing the judgment and evaluating legal options, including further remedies.
Adverse outcome for Vedanta's subsidiary TSPL — the loss of this long-pending claim means TSPL cannot recover the FTP deemed export benefits it had sought as compensation, though the company may explore further legal remedies. Near-term financial impact on Vedanta is limited since the claim was already disputed for years, but it removes any upside from this litigation.