Four companies, including India's largest private sector electricity generator Tata Power and infrastructure major Larsen & Toubro Ltd, chose not to bid for the Rs 16,000-crore ultra mega power project (UMPP) in Tilaiya in Jharkhand even as Reliance Power, Lanco Infratech and NTPC Ltd, the country's largest power producer, submitted their technical bids.
Anil Agarwal-controlled Sterlite Industries has got a leg-up in its takeover battle for bankrupt copper miner Asarco in the United States. A district court in Texas has allowed Sterlite to argue for its amended bid of $2.56 billion, which was earlier rejected by a lower court.
The takeover battle for United States copper miner Asarco continues to rage, as its estranged parent Grupo Mexico has offered $1.3 billion to counter Sterlite Industries' offer for the second time.
Just when everyone wrote him off for his bid for bankrupt mining company Asarco, Vedanta Resources Chairman Anil Agarwal is back with a vengeance.Sterlite Industries, the Vedanta group's flagship, has raised its offer price by a fifth to $2.56 billion to acquire the US copper miner in an all-cash deal -- its third bid in two years. The company on Friday said the modified takeover plan had been submitted to the district court in Texas.
Tata Steel, Suzlon mop up $700 million; Tata Power to raise $250 million. Tata Power also joined the queue on Tuesday and launched its $250-million GDR issue, with an option to retain a higher amount.
Sterlite Industries, India's largest copper producer, has raised $1.5 billion (Rs 7,305 crore) through American Depository Shares (ADS), the largest US share sale from India in two years, to develop its power generation business and fund acquisitions.
The 'S&P India 10 index' is designed to address this accessibility challenge. It offers investors liquidity and investability, and can also serve as a basis upon which to create investment products," Vice President of Portfolio Services for S&P Steven Goldin said.
This comes after both parties failed to arrive at an agreement on an appropriate valuation of the stake, a company executive said. Sterlite bought 51 per cent stake in Balco in March 2001 for Rs 552 crore (Rs 5.52 billion) when the National Democratic Alliance (NDA) government decided to divest the government stake in the public sector company.
Though the verdict of the bankruptcy court needs final approval from the district court, something that Sterlite is banking on, legal experts said that step was just a formality and nothing more. In its ruling filed late Monday, Judge Richard S Schmidt of the bankruptcy court at Corpus Christi in Texas recommended the district court judge to confirm the Grupo Mexico's plan and reject Asarco's own plan, which is sponsored by the Vedanta group company.
Sterlite Industries, the flagship firm of London-listed Vedanta Resources, may consider legal action if the bankruptcy court favours Grupo Mexico's counter-offer of $4.1 billion for Asarco, the US copper mining giant. Sterlite's takeover bid for Asarco hit a bump when a judge of a bankruptcy court in Texas signalled on Friday that he might give Grupo Mexico, Asarco's estranged corporate parent, a last chance to resume control of its US subsidiary.
Vedanta Resources, the UK-listed mining group, is planning to invest $20bn in India in the next four years to expand its metals, mining and electricity generation operations in the country.
The Tilaiya project is a part of the government's showcase UMPP scheme under which a power generation capacity of around 50,000 Mw is planned to be created through 13 of such mega projects, which will come up mostly in the Twelfth Plan period.
Power Finance Corporation, the nodal agency for ultra mega power projects, has extended the last date for accepting bids for Krishnapatnam project to October 24, sources said. Essar Power, Sterlite Industries, Larsen and Toubro, D S Construction, Japan's Sumitomo Corp and CLP-GMR combine are other companies believed to be in the qualified bidders list.
Vedanta group flagship Sterlite Industries on Friday said it has raised over two billion dollar (about Rs 8,215 crore) through an initial public offering in the US, including the over allotment option.
A consortium of Anil Agarwal-led Sterlite Industries and global financial services major Morgan Stanley has emerged as the frontrunner in the race to acquire a strategic 26 per cent equity stake in the troubled financial institution IFCI Ltd.Besides Sterlite, two other consortiums - Shinsei Bank-PNB-JC Flowers and Cargill Financial Services Corporation-Texas Pacific Group - had put in bids on December 14.
Sterlite had acquired a 51 per cent stake in unlisted Balco as part of the government's strategic sale of its shareholding in March 2001 for Rs 551.50 crore (Rs 5.51 billion).
Oil and Natural Gas Corporation is facing as many as 15 complaints from investors, but the grievances pertained to the government's offer to sell 10 per cent equity in the company.
The growing demand for copper combined with a lack of new refining capacities could make India one of the largest copper importers in the world, experts said.
Bajaj Auto, BHEL, Infosys, ITC and RIL are among the 12 listed Indian companies which have figured in the latest list of 'Fabulous 50' of prestigious international magazine Forbes Asia.
Sterlite Industries is set to list its $2 billion (Rs 8,000 crore) American Depository Shares issue, the largest by any Indian company, with the New York Stock Exchange by the middle of this month.
The Cabinet Committee on Economic Affairs on Thursday referred the issue of selling the government's residual 30 per cent stake in Hindustan Zinc Ltd to a Group of Ministers for a final decision.
International metals major Sterlite Industries has approached the government seeking to acquire the latter's 49 per cent residual stake in aluminium major Balco.
Three bidders, including the Essar group, vying for the government stake in the Shipping Corporation of India have inked the confidential information memorandum, even as uncertainty remained over the fate of the sole international bidder.
The mines ministry would soon approach the Union Cabinet to seek its opinion on a directive of the Delhi high court for settling the sale of residual equity in the erstwhile Balco to Sterlite Industries Limited within four weeks.
The Anil Agarwal-controlled Sterlite Industries on Tuesday said it had dropped its plan to demerge the copper business as part of its restructuring process that commenced in January 2003.
At least three companies including Essar Shipping, Videocon and Sterlite Industries on Friday bid for acquiring the government's 51 per cent stake in national flag carrier Shipping Corporation of India.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances